Does local gambling culture affect bond yield spread? Evidence from China

被引：15
|
作者：
Xie, Yan [1 ,2 ]
Wang, Xin [3 ]
Chan, Kam C. [4 ]
机构：
[1] Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China
[2] Hainan Univ, Sch Econ, Haikou, Hainan, Peoples R China
[3] Beijing Technol & Business Univ, Sch Business, 33 Fucheng Ave, Beijing 100048, Peoples R China
[4] Shanghai Business Sch, Res Ctr Finance, Shanghai, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2023年 / 30卷 / 08期
关键词：
Gambling culture; risk-taking; bond yield spread; default risk; CRASH RISK EVIDENCE; TRUST; PREFERENCES; ATTITUDES; RELIGION;
D O I：
10.1080/13504851.2022.2036679
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the effect of gambling culture in the province where a firm is located on its bond yield spread. Our findings suggest that a high gambling culture translates into a high bond yield spread. In addition, the impact is more salient for firms with high operating volatility and increased default risk. Overall, the results are consistent with the notion that when firms are located in high gambling culture provinces, they are riskier, and thus bond investors ask for a high bond yield.
引用
收藏
页码：1101 / 1106
页数：6
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