Does information asymmetry lead to higher debt financing? Evidence from China during the NTS Reform period
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The authors utilize direct proxies for information asymmetry based on microstructure models including Probability of the arrival of informed trades (PIN), Adverse selection component of the bid-ask spread (λ), Illiquidity ratio (ILLIQ) and liquidity ratio, and Information asymmetry index (InfoAsy) to examine their relation with firms’ debt financing.
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Does information asymmetry lead to higher debt financing? Evidence from China during the NTS Reform period
Nội dung trích xuất từ tài liệu:
Does information asymmetry lead to higher debt financing? Evidence from China during the NTS Reform period
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