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Information quality and the cost of ...

Song, Yang.

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Information quality and the cost of debt capital.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Information quality and the cost of debt capital./
Author:	Song, Yang.
Description:	158 p.
Notes:	Adviser: Jeong-Bon Kim.
Contained By:	Dissertation Abstracts International68-09A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3282317
ISBN:	9780549247371

Information quality and the cost of debt capital.
Song, Yang.

Information quality and the cost of debt capital. - 158 p.

Adviser: Jeong-Bon Kim.

Thesis (Ph.D.)--Hong Kong Polytechnic University (Hong Kong), 2007.

Keywords: Information Quality, Cost of Debt Capital, Information Precision, Information Composition, Rating, Offering Yield Spread

ISBN: 9780549247371Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Information quality and the cost of debt capital.
LDR:03225nam 2200301 a 45 001 941078
005 20110518
008 110518s2007 ||||||||||||||||| ||eng d
020 $a 9780549247371
035 $a (UMI)AAI3282317
035 $a AAI3282317
040 $a UMI $c UMI
100 1 $a Song, Yang. $3 1265217
245 1 0 $a Information quality and the cost of debt capital.
300 $a 158 p.
500 $a Adviser: Jeong-Bon Kim.
500 $a Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 3936.
502 $a Thesis (Ph.D.)--Hong Kong Polytechnic University (Hong Kong), 2007.
520 $a Keywords: Information Quality, Cost of Debt Capital, Information Precision, Information Composition, Rating, Offering Yield Spread
520 $a Information plays a crucial role in the operation of financial markets, and the quality of accounting information concerns the interests of all the information users. My thesis investigates the effect of information quality on the cost of debt capital measured by credit/bond rating, offering yield spread, and bond covenants. In terms of information quality, I calibrate the precision and composition of the information set with respect to a firm based on the methodology of Barron, Kim, Lim and Stevens (1998). To empirically examine the relationship between information quality and the cost of debt, I collect two test samples: credit rating sample and new bond issue sample.
520 $a My thesis documents the following main findings. First, higher information precision is related to more favorable credit rating. Second, there is a significantly negative relation between total information precision and offering yield spread of new bond issues. However, inconsistent with the conjecture of Easley and O'Hara (2004) and the equity market evidence provided by prior literature, I do not find in my sample that the composition of the information set with respect to a firm has significant effect on bond yield spread. Third, the impact of information precision on credit rating and offering yield spread is more pronounced for firms and bond issues with higher default risk than for those with lower default risk. Fourth, more precise public and private information can improve firms' credit ratings and reduce the offering yield spreads of their bonds. Fifth, higher information precision with respect to bond issuers is associated with fewer covenants in their bond contracts.
520 $a My thesis contributes to the literature by providing direct evidence that rating agencies and bond investors take into account the information quality of debt issuers when evaluating the creditworthiness and risk of debt issuers and their bond issues. Also my thesis develops the research on the cost of debt capital in that to the best of my knowledge this is the first study to examine jointly the effects of information quality on the price term (offering yield spread) and non-price terms (covenants) of bond contracts.
590 $a School code: 1170.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 $a Hong Kong Polytechnic University (Hong Kong). $3 1020200
773 0 $t Dissertation Abstracts International $g 68-09A.
790 $a 1170
790 1 0 $a Kim, Jeong-Bon, $e advisor
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3282317