| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22091 |
| 来源ID | Working Paper 22091 |
| How Management Risk Affects Corporate Debt | |
| Yihui Pan; Tracy Yue Wang; Michael S. Weisbach | |
| 发表日期 | 2016-03-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Management risk occurs when uncertainty about future managerial decisions increases a firm’s overall risk. This paper argues that management risk is an important yet unexplored determinant of a firm’s default risk and the pricing of its debt. CDS spreads, loan spreads and bond yield spreads all increase at the time of CEO turnover, when management risk is highest, and decline over the first three years of CEO tenure, regardless of the reason for the turnover. A similar pattern but of smaller magnitude occurs around CFO turnovers. The increase in the CDS spread at the time of the CEO departure announcement, the change in the spread when the incoming CEO takes office, as well as the sensitivity of the spread to the new CEO’s tenure, all depend on the amount of prior uncertainty about the new management. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w22091 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579765 |
| 推荐引用方式 GB/T 7714 | Yihui Pan,Tracy Yue Wang,Michael S. Weisbach. How Management Risk Affects Corporate Debt. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22091.pdf（418KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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