Do political connections matter to bondholders? Evidence from China

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题名:	Do political connections matter to bondholders? Evidence from China
作者:	何柏欣;Ho, Po-Hsin;Wang, Yu-Chun;Lin, Chih-Yung
贡献者:	管理學院財務金融學系
关键词:	Bond issues;bond spreads;bondholders;Bonds;Borrowing;China;Corporate bonds;Correlation analysis;Economic analysis;Managers;political connections;Politics;Pricing;Side effects;Spread;Studies
日期:	2015-01-01
上传时间:	2026-04-23 11:58:48 (UTC+8)
出版者:	Routledge;London: Routledge
摘要:	摘要： This article examines the association between political connections and the pricing of bonds in China. Political connections are associated with higher at-issue spreads on corporate bonds, implying that political connections do not ensure the alignment of interests between managers and bondholders. The adverse effects of political connections on borrowing costs are eliminated when the chairman and the CEO are politically connected. Evidence suggests that bondholders price new debt issuances by using the information about the political backgrounds of top managers. Moreover, the costs and benefits of political connections for bondholders vary with the extent of the connectedness of a firm. 出版者： London: Routledge 出版日期： 2015-10-13 出處： Applied economics letters, 2015-10, Vol.22 (15), p.1240-1245 資源來源： Taylor & Francis Journals Auto-Holdings Collection 版權： 2015 Taylor & Francis 2015 版權： Copyright Taylor & Francis Group 2015 識別號： ISSN: 1350-4851 識別號： EISSN: 1466-4291 識別號： DOI: 10.1080/13504851.2015.1021452
显示于类别:	[財務金融學系] 期刊論文

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