Artikel
Accruals quality, underwriter reputation, and corporate bond underpricing: Evidence from China
This study examines the relationship between accruals quality and the underpricing of corporate bonds in China and how underwriter reputation affects this relationship. We find that (1) accruals quality is negatively associated with the magnitude of bond underpricing and (2) the impact of low accruals quality on underpricing is partially offset by hiring reputable underwriters. A path analysis shows that approximately 11% of the effect of accruals quality on underpricing is attributable to the indirect path through reputable underwriters, suggesting that accruals quality is more effective than reputable underwriters in lowering bond underpricing. These findings are significant for initial bond offerings, but not for secondary bond offerings. We also find that low accruals quality is associated with more restrictive non-price contract terms such as greater collateral requirements and stricter covenants.
- Sprache
-
Englisch
- Erschienen in
-
Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 10 ; Year: 2017 ; Issue: 4 ; Pages: 317-339 ; Amsterdam: Elsevier
- Klassifikation
-
Management
General Financial Markets: General (includes Measurement and Data)
Accounting
- Thema
-
Bond underpricing
Accruals quality
Reputable underwriters
Information asymmetry
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Xu, Si
Gong Guangming
Gong, Xun
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier
- (wo)
-
Amsterdam
- (wann)
-
2017
- DOI
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doi:10.1016/j.cjar.2017.04.001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Xu, Si
- Gong Guangming
- Gong, Xun
- Elsevier
Entstanden
- 2017
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