2017年债务融资外文翻译--投资者熟悉度和公司债务融资条件

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1、3300 英文单词， 18500 英文字符 ，中文 5600 字 文献出处： Herrmann, Leonie, and Oscar A. Stolper. Investor familiarity and corporate debt financing conditions. Finance Research Letters 23 (2017): 263-268. Investor familiarity and corporate debt nancing conditions Leonie Herrmann, Oscar A. Stolper Abstract This study c

2、ontributes to our understanding of how retail bondholders value familiarity with the issuer. Using a sample of corporate bonds issued by German non-nancials and especially marketed to individual investors, we document that besides product market visibility three previously unconsidered antecedents o

3、f investor familiarity, i.e. local visibility, media visibility and overall recognition of the bond-issuing company, are negatively associated with credit spreads. Given that company visibility does not necessarily result in a reduction of fundamental risk for the group of bondholders, the nding tha

4、t higher familiarity relates to lower risk premia suggests heuristic decision behaviour among retail investors where a familiarity bias reduces the perceived risk of bond investments. Keywords: Investor familiarity ;Retail investors; Company visibility ;Cost of capital ; Cost of debt; Corporate bond

5、s 1. Introduction A robust nding from the literature studying the impact of company visibility on asset allocation decisions is that familiarity breeds equity investment (e.g. Barber and Odean, 2008; Green and Jame, 2013; Huberman, 2001; Keloharju et al., 2012) and serves to enhance shareholder valu

6、e (e.g. Joshi and Hanssens, 2010; Rao et al., 2004; Srivastava et al., 1998). Interestingly, however, while the impact of familiarity on shareholder behaviour is well-researched, investigations on how bondholders value familiarity are still rare, and, to the best of our knowledge, the role of familiarity among retail bond investors has not been considered as yet. Given that a number of companies have recently targeted individual investors in their bond issuances, it is worthwhile to u