期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 138, 期 3, 页码 838-865出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2020.07.001
关键词
Credit spreads; Policy uncertainty; Regulation
资金
- Concordia University Research Chair in Finance
- SSHRC
- IFM2
We find a significant positive relation between changes in policy uncertainty and changes in credit spreads. Macroeconomic conditions, including general uncertainty, do not explain this result, which also holds when we use instrumental variables to address endogeneity issues. The impact of policy uncertainty is greater for firms that operate in regulation-intensive industries, face high tax rates, or are dependent on government spending. It is also stronger for firms that engage in political activities or rely on external financing. We conclude that policy uncertainty has a significant effect on firms' borrowing costs, with exposure to government policies representing an important channel. (C) 2020 Elsevier B.V. All rights reserved.
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