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Firm Reputation and the Cost of Bank...

Wang, Ye.

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Firm Reputation and the Cost of Bank Debt.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Firm Reputation and the Cost of Bank Debt./
Author:	Wang, Ye.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
Description:	59 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
Contained By:	Dissertations Abstracts International81-11A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27829447
ISBN:	9798643172390

Firm Reputation and the Cost of Bank Debt.
Wang, Ye.

Firm Reputation and the Cost of Bank Debt. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 59 p.

Source: Dissertations Abstracts International, Volume: 81-11, Section: A.

Thesis (Ph.D.)--The University of Arizona, 2020.

This item must not be sold to any third party vendors.

This paper examines whether firm reputation impacts borrowing costs and thus investment. Using unique data from Fortune's Most Admired Companies surveys, I find that reputable borrowers enjoy lower borrowing costs and receive more favorable loan contract terms. My identification strategy is based on propensity score matching, a regression discontinuity design, and clean reputation measures removing the impact of prior financial performance. Further evidence suggests that banks reward reputable firms with better contract terms because this reputation proxy contains incremental information on borrower future performance and credit risk. Last, firms increase capital expenditures and R&D after receiving the Most Admired designation, consistent with reputable firms exploiting their lower cost of capital and with reputation having real effects on firms' investment policies.

ISBN: 9798643172390Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Cost of bank debt

Firm Reputation and the Cost of Bank Debt.
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100 1 $a Wang, Ye. $3 3346073
245 1 0 $a Firm Reputation and the Cost of Bank Debt.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2020
300 $a 59 p.
500 $a Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
500 $a Advisor: Bonaime, Alice Adams.
502 $a Thesis (Ph.D.)--The University of Arizona, 2020.
506 $a This item must not be sold to any third party vendors.
520 $a This paper examines whether firm reputation impacts borrowing costs and thus investment. Using unique data from Fortune's Most Admired Companies surveys, I find that reputable borrowers enjoy lower borrowing costs and receive more favorable loan contract terms. My identification strategy is based on propensity score matching, a regression discontinuity design, and clean reputation measures removing the impact of prior financial performance. Further evidence suggests that banks reward reputable firms with better contract terms because this reputation proxy contains incremental information on borrower future performance and credit risk. Last, firms increase capital expenditures and R&D after receiving the Most Admired designation, consistent with reputable firms exploiting their lower cost of capital and with reputation having real effects on firms' investment policies.
590 $a School code: 0009.
650 4 $a Finance. $3 542899
653 $a Cost of bank debt
653 $a Firm reputation
653 $a Information asymmetry
653 $a Investment
690 $a 0508
710 2 $a The University of Arizona. $b Management. $3 1029442
773 0 $t Dissertations Abstracts International $g 81-11A.
790 $a 0009
791 $a Ph.D.
792 $a 2020
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27829447