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Firm Reputation and the Cost of Bank...

Wang, Ye.

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Firm Reputation and the Cost of Bank Debt.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Firm Reputation and the Cost of Bank Debt./
作者:	Wang, Ye.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	59 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
Contained By:	Dissertations Abstracts International81-11A.
標題:	Finance. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27829447
ISBN:	9798643172390

Firm Reputation and the Cost of Bank Debt.
Wang, Ye.

Firm Reputation and the Cost of Bank Debt. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 59 p.

Source: Dissertations Abstracts International, Volume: 81-11, Section: A.

Thesis (Ph.D.)--The University of Arizona, 2020.

This item must not be sold to any third party vendors.

This paper examines whether firm reputation impacts borrowing costs and thus investment. Using unique data from Fortune's Most Admired Companies surveys, I find that reputable borrowers enjoy lower borrowing costs and receive more favorable loan contract terms. My identification strategy is based on propensity score matching, a regression discontinuity design, and clean reputation measures removing the impact of prior financial performance. Further evidence suggests that banks reward reputable firms with better contract terms because this reputation proxy contains incremental information on borrower future performance and credit risk. Last, firms increase capital expenditures and R&D after receiving the Most Admired designation, consistent with reputable firms exploiting their lower cost of capital and with reputation having real effects on firms' investment policies.

ISBN: 9798643172390Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Cost of bank debt

Firm Reputation and the Cost of Bank Debt.
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500 $a Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
500 $a Advisor: Bonaime, Alice Adams.
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506 $a This item must not be sold to any third party vendors.
520 $a This paper examines whether firm reputation impacts borrowing costs and thus investment. Using unique data from Fortune's Most Admired Companies surveys, I find that reputable borrowers enjoy lower borrowing costs and receive more favorable loan contract terms. My identification strategy is based on propensity score matching, a regression discontinuity design, and clean reputation measures removing the impact of prior financial performance. Further evidence suggests that banks reward reputable firms with better contract terms because this reputation proxy contains incremental information on borrower future performance and credit risk. Last, firms increase capital expenditures and R&D after receiving the Most Admired designation, consistent with reputable firms exploiting their lower cost of capital and with reputation having real effects on firms' investment policies.
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653 $a Firm reputation
653 $a Information asymmetry
653 $a Investment
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