The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market

被引：215

作者：

Wittenberg-Moerman, Regina ^{[1
]}

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2008年 / 46卷 / 2-3期

关键词：

Secondary loan trading; Information asymmetry; Timely loss recognition; Accounting conservatism;

D O I：

10.1016/j.jacceco.2008.08.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I explore which firm and loan characteristics decrease or exacerbate information asymmetry in the trading of private debt. I find that loans of public firms, loans with an available credit rating, loans of profit firms and loans syndicated by more reputable arrangers are traded at lower bid-ask spreads, while revolvers, distressed loans and loans issued by institutional investors are associated with higher information costs. I also find that timely loss recognition reduces the bid-ask spread. This finding suggests that conservative reporting decreases information asymmetry regarding a borrower and increases the efficiency of the secondary trading of debt Securities. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：240 / 260

页数：21

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