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
相关论文
共 50 条
  • [21] Does green bond issuance affect stock price crash risk? Evidence from China
    Zhang, Yuyao
    Li, Yinuo
    Chen, Xingyu
    FINANCE RESEARCH LETTERS, 2024, 60
  • [22] Local culture and tax avoidance: Evidence from gambling preference behavior
    Alharbi, Samar
    Atawnah, Nader
    Al Mamun, Md
    Ali, Muhammad Jahangir
    GLOBAL FINANCE JOURNAL, 2022, 52
  • [23] How does Confucian culture affect technological innovation? Evidence from family enterprises in China
    Chen, Yi
    Lin, Ping
    Tsao, Hai-Tao
    Jin, Shaofei
    PLOS ONE, 2022, 17 (06):
  • [24] Does Debt Affect Divorce? Evidence from China
    Guo, Yilin
    Zhang, Cheng
    Tang, Cheng
    JOURNAL OF FAMILY AND ECONOMIC ISSUES, 2024, 45 (04) : 836 - 851
  • [25] Does ownership affect performance: Evidence from China
    Bai Jun
    PROCEEDINGS OF THE 2007 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING - MANAGEMENT AND ORGANIZATION STUDIES SECTION, 2007, : 498 - 503
  • [26] Does state ownership affect rating quality? Evidence from China's corporate bond market
    Wang, Yuyue
    Fang, Hongyan
    Luo, Ronghua
    ECONOMIC MODELLING, 2022, 111
  • [27] How does corporate ESG performance affect bond credit spreads: Empirical evidence from China
    Lian, Yonghui
    Ye, Tao
    Zhang, Yiyang
    Zhang, Lin
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 85 : 352 - 371
  • [28] Does the Expansion of Local Government Debt Affect the ESG Performance of Enterprises? Evidence From China
    Li, Feifei
    Xue, Ruile
    Wang, Songying
    Du, Mingyue
    SAGE OPEN, 2024, 14 (04):
  • [29] How does technological innovation affect the fiscal decentralization of local governments? Evidence from China
    Li, Wenhong
    Li, Dan
    HELIYON, 2024, 10 (09)
  • [30] Do foreign investors affect the volatility of local currency bond prices? Empirical evidence from China
    Wang, Qian
    Gao, Shengting
    Li, Jiayin
    Leibrecht, Markus
    HELIYON, 2023, 9 (06)
12345