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Suppliers’ and customers’ information asymmetry and corporate bond yield spreads |
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| Authors: | Tsung-Kang Chen Hsien-Hsing Liao Hui-Ju Kuo Yu-Ling Hsieh |
| Institution: | 1. Department of Finance and International Business, Fu Jen Catholic University, No. 510, Jhongjheng Rd., Sinjhuang Dist., New Taipei City 24205, Taiwan, ROC;2. Department of Finance, National Taiwan University, No. 1, Sec. 4, Roosevelt Rd., Taipei City 10617, Taiwan, ROC |
| Abstract: | This study investigates the information asymmetry effects of suppliers and customers on a firm’s bond yield spreads by employing American bond market data from 2001 to 2008. This study finds that both suppliers’ and customers’ information asymmetry effects significantly explain a firm’s bond yield spreads. Besides, the information asymmetry effects of more important suppliers and customers are more significant than those of less important ones. The results are robust even after controlling for other well-known firm specific and economic variables. |
| Keywords: | D82 G12 M11 |
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