Kilian Dinkelaker, Andreas Mattig, Stefan Morkoetter
{"title":"信息不对称与私募债务定价","authors":"Kilian Dinkelaker, Andreas Mattig, Stefan Morkoetter","doi":"10.2139/ssrn.3777161","DOIUrl":null,"url":null,"abstract":"<br>Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"160 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Information Asymmetry and the Pricing of Privately Placed Debt\",\"authors\":\"Kilian Dinkelaker, Andreas Mattig, Stefan Morkoetter\",\"doi\":\"10.2139/ssrn.3777161\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<br>Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector.\",\"PeriodicalId\":119398,\"journal\":{\"name\":\"Political Economy - Development: Fiscal & Monetary Policy eJournal\",\"volume\":\"160 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-01-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Political Economy - Development: Fiscal & Monetary Policy eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3777161\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Political Economy - Development: Fiscal & Monetary Policy eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3777161","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Information Asymmetry and the Pricing of Privately Placed Debt
Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector.
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