haku: @indexterm rights issues / yhteensä: 58
viite: 7 / 58
| Tekijä: | Qi, Y. Roth, L. Wald, J.K. |
| Otsikko: | Political rights and the cost of debt |
| Lehti: | Journal of Financial Economics
2010 : FEB, VOL. 95:2, p. 202-226 |
| Asiasana: | politics rights issues institutions debt costs international bond markets |
| Vapaa asiasana: | cross-listing |
| Kieli: | eng |
| Tiivistelmä: | This study explores the impact of country-level political rights (hereafter as: pol-rgts.) on the cost of debt for corporate bonds issued by firms in 39 countries. Similar to, but separate from, the relation for creditor rights, greater pol-rgts. are associated with lower yield spreads. One standard deviation increase in pol-rgts. is associated with an 18.6 percent decline in bond spreads. There is found evidence of political and legal institutions being substitutes. Examined are potential factors through which pol-rgts. may affect the cost of debt. It is found that greater freedom of the press provides an important channel for reducing bond risks. |
SCIMA