000			02071nab a2200241 a 4500
999			_c199522 _d199522
003			OSt
005			20200226102039.0
008			191219s20152013xxu||||| |||| 00| 0 eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aFranco, Francesca _9178024
245	1	0	_aCorporate diversification and the cost of debt _bthe role of segment disclosures _cFrancesca Franco, Oktay Urcan & Florin P. Vasvari
300			_aPáginas 1139 a la 1165
520	3		_aPrevious theoretical arguments suggest that industrial diversification provides a co-insurance effect that decreases the firm's default risk. In this paper, we endogenously estimate a firm's segment disclosure quality and investigate whether the quality of segment disclosures significantly affects bond investors' assessment of the co-insurance effect of diversification. We document that bonds issued by industrially diversified firms with high-quality segment disclosures have significantly lower yields than bonds issued by diversified firms with low-quality segment disclosures. We also find that the negative relation between industrial diversification and bond yields becomes stronger when firms improve segment disclosures as a result of FAS 131. Finally, we show that high-quality segment disclosures are associated with lower syndicated loan spreads for a subsample of loans issued by large bank syndicates, which are more likely to rely on publicly reported segment information.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
650	2	4	_9177634 _aFinanzas corporativas _xLegislación _vPublicaciones seriadas _zEstados Unidos
650	2	4	_9175941 _aAnálisis de inversiones _vPublicaciones seriadas
650	2	4	_aNegocios _vPublicaciones seriadas _9178025
650	2	4	_9176486 _aMercados financieros _vPublicaciones seriadas
700	1		_aUrcan, Oktay _9177428
700	1		_aVasvari, Florin P. _9178026
773	0		_082265 _9372884 _aThe accounting review 2016 V.91 No.4 (Jul) _o0000002030403 _x0001-4826 (papel) _h27 páginas _nIncluye tablas, referencias bibliográficas y apéndices
942			_2ddc _cART