债券
金融体系
货币经济学
债务
休克(循环)
业务
债券估值
贷款
激励
信用违约掉期
经济
自然实验
信用风险
财务
统计
医学
内科学
微观经济学
数学
作者
J. Fred Weston,Emmanuel Yimfor
标识
DOI:10.1016/j.jcorpfin.2023.102406
摘要
We test whether bank loans change public bond yields. A 25% increase in bank debt raises bond yields by 8 bps, reflecting a trade-off between the benefits of bank cross-monitoring and higher bond risk. This effect is smaller for firms with no credit default swaps (CDSs) and with junk debt—scenarios where bank monitoring is most valuable. It is unlikely that firms with bank debt are riskier, because they are less likely to be downgraded and have lower loan spreads. We find similar results using a natural experiment around the 2014 oil shock. Our results highlight how bond yields depend on incentive conflicts among creditors.
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