Cost Stickiness and the Cost of Debt

論文翻譯標題: 成本僵固性及債務成本
  • 王 芷璘

學生論文: Master's Thesis

摘要

This paper offers the first empirical evidence that firms with sticker cost enjoy a higher cost of debt financing proxied by at-issue yield spreads of bond offerings Our finding is consistent with the argument that greater decrease in profits due to sticky costs when activ-ity level falls increases the cash flow volatility thereby resulting in higher default risk The results also indicate that the impact of cost stickiness is greater in situations where there is greater market uncertainty about a firm’s future Since debt financing is an important source of external financing for publicly traded firms the results have important implica-tions on our understanding of the economic consequences of asymmetric behavior of costs
獎項日期2014 八月 21
原文English
監督員Ting-Kai Chou (Supervisor)

引用此

Cost Stickiness and the Cost of Debt
芷璘, 王. (Author). 2014 八月 21

學生論文: Master's Thesis