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Cultural Distance And Bond Pricing: Evidence In The Yankee And Rule 144a Bond Markets
dc.contributor.authorZhu, Huien_US
dc.contributor.authorCai, Kellyen_US
dc.date.accessioned2014-09-03T16:52:09Z
dc.date.availableWITHHELD_13_MONTHSen_US
dc.date.available2014-09-03T16:52:09Z
dc.date.issued2014-09en_US
dc.identifier.citationZhu, Hui; Cai, Kelly (2014). "Cultural Distance And Bond Pricing: Evidence In The Yankee And Rule 144a Bond Markets." Journal of Financial Research 37(3): 357-384.en_US
dc.identifier.issn0270-2592en_US
dc.identifier.issn1475-6803en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/108353
dc.description.abstractIn this article we examine the impact of cultural distance on the pricing of corporate bonds issued in the United States. We find that greater cultural differences between U.S. investors and foreign issuers increase the cost of debt. We also find that the cost of Rule 144a offers is less sensitive to cultural distance and creditor protection effects because of the different market structure and investor bases in the Yankee and Rule144a bond markets. Our results suggest that cultural differences influence bond pricing through an information asymmetry channel.en_US
dc.publisherMcGraw‐Hillen_US
dc.publisherWiley Periodicals, Inc.en_US
dc.titleCultural Distance And Bond Pricing: Evidence In The Yankee And Rule 144a Bond Marketsen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelFinanceen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/108353/1/jfir12040.pdf
dc.identifier.doi10.1111/jfir.12040en_US
dc.identifier.sourceJournal of Financial Researchen_US
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dc.owningcollnameInterdisciplinary and Peer-Reviewed


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