【2019年4月16日】【经济与金融系学术讨论会第55期】Media Coverage and Debt Financing
发布时间:04-12-19

时间:2019年4月16日(周二)12:00-13:00

地点:同济大厦A楼505室

题目: Media Coverage and Debt Financing

主讲人:姜靓靓(香港理工大学会计与金融学院副教授)

摘要

 

 This study examines how media coverage influences firms’ debt structure and finds that media coverage reduces firms’ reliance on bank loans but increases amounts of public bonds & notes on their balance sheets. We document two channels that such effect is concentrated among firms with less information asymmetry problems suggesting that the media complements other information sources (information channel), and that such effect is mitigated among firms that demand less external monitoring suggesting that the media substitutes for banks on firm monitoring (governance channel). By studying news sentiment, we find that negative earnings news significantly reduces the likelihood of new debt financing, particularly bank loans and public bonds, but increases that of private placement. News sentiments predict subsequent credit rating changes, which affect the terms of debt issuance for both private bank loans and public bonds. We also show that when the markets are negative about firms’ future prospects, firms report more negative discretionary accruals, which suggests that media coverage also has accounting implication in affecting firm debt structure.

 

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