文献详情
Media Coverage and the Cost of Debt
文献类型：期刊
通讯作者：Wang, JB (reprint author), City Univ Hong Kong, Dept Econ & Finance, Hong Kong, Peoples R China.
期刊名称：JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
年：2020
卷：55
期：2
页码：429-471
ISSN：0022-1090
所属部门：汉青高级经济与金融研究院
摘要：This paper investigates the relation between media coverage and offering yield spreads using a comprehensive dataset of 5,338 industrial bonds issued from 1990 to 2011. We find that media coverage is negatively associated with firms' cost of debt. This association is robust to controlling for standard yield determinants, different model specifications, and endogeneity. We identify 4 economic channels through which media coverage influences the cost of debt: Information asymmetry, governance, liq ...More
This paper investigates the relation between media coverage and offering yield spreads using a comprehensive dataset of 5,338 industrial bonds issued from 1990 to 2011. We find that media coverage is negatively associated with firms' cost of debt. This association is robust to controlling for standard yield determinants, different model specifications, and endogeneity. We identify 4 economic channels through which media coverage influences the cost of debt: Information asymmetry, governance, liquidity, and default risk. Importantly, media coverage has an independent influence beyond the effects of these economic mechanisms and is not a proxy for other firm attributes. ...Hide

DOI：10.1017/S0022109019000024
百度学术：Media Coverage and the Cost of Debt
语言：外文
基金：National Science Foundation of ChinaNational Natural Science Foundation of China [71528001, 71720107002, 71702207]; City University Strategic Research Grant [7004979, 7004712]; Innovative Research Team of Shanghai University of Finance and Economics [2014110345]
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Credit Allocation Under Economic Stimulus: Evidence from China.Cong, Lin William, Gao, Haoyu, Ponticelli, Jacopo, et al. .REVIEW OF FINANCIAL STUDIES. 2019, 32(9), 3412-3460.