Impact of Information Asymmetry on Interest Rates and Maturity
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- Tez No: 719439
- Danışmanlar: DR. JUNGHEE LEE, DR. JAN RENAUD
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, Maliye, Banking, Finance
- Anahtar Kelimeler: Information Asymmetry, Interest Rate, Maturity of Debt, Cross-Sectional Analysis
- Yıl: 2022
- Dil: İngilizce
- Üniversite: Unıversıteıt Utrecht
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
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Özet (Çeviri)
In this research, I find how does the informational asymmetry affect interest rate and maturity individually after the global financial crisis. To measure information asymmetry, I use the bid-ask spread on the borrowing firm's loans traded on the primary and secondary loan market. At first, I evaluate the characteristics of bid-ask spreads, interest rates and debt maturities as a whole and then evaluate them via subcategories such as country, agency type, facility type and seniority level. I find that as the information asymmetry increases, the interest rate of the loans issued by the borrowing firm increases. Moreover, I find that the higher bid-ask spread results in lower debt maturity. I also find the general characteristics of bid-ask spreads, interest rates, and maturities when they are analyzed in different subgroups. In conclusion, I explore that the information asymmetry has a significantly positive effect on interest rate and significantly negative effect on debt maturity after the crisis. Moreover, I find that the effect of information asymmetry on these variables is attenuated after the crisis.1 JEL-Codes: C3, C5
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