Holding companies and debt financing : a comparative analysis using option-adjusted spreads

This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bl...
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Autor*in:	Boliari, Natalia [verfasserIn] Topyan, Kudret [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2022

Rechteinformationen:	Open Access Namensnennung 4.0 International ; CC BY 4.0

Schlagwörter:	cost of debt holding company operating company option-adjusted spread yield spread

Übergeordnetes Werk:	Enthalten in: Journal of risk and financial management - Basel : MDPI, 2008, 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18
Übergeordnetes Werk:	volume:15 ; year:2022 ; number:12 ; month:12 ; elocationid:569 ; pages:1-18

Links:	Link aufrufen Link aufrufen Link aufrufen

DOI / URN:	10.3390/jrfm15120569

Katalog-ID:	1847341519

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allfields	10.3390/jrfm15120569 doi 10419/275046 hdl (DE-627)1847341519 (DE-599)KXP1847341519 DE-627 ger DE-627 rda eng Boliari, Natalia verfasserin aut Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ cost of debt (dpeaa)DE-206 holding company (dpeaa)DE-206 operating company (dpeaa)DE-206 option-adjusted spread (dpeaa)DE-206 yield spread (dpeaa)DE-206 Topyan, Kudret verfasserin (DE-588)171227298 (DE-627)061406732 (DE-576)132037068 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18 https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732 Verlag kostenfrei https://doi.org/10.3390/jrfm15120569 Resolving-System kostenfrei https://hdl.handle.net/10419/275046 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 569 1-18 AR 15 2022 12 12 569 1-18 26 01 0206 4328914642 x1z 02-06-23 2403 01 DE-LFER 4340261157 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120569 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732
spelling	10.3390/jrfm15120569 doi 10419/275046 hdl (DE-627)1847341519 (DE-599)KXP1847341519 DE-627 ger DE-627 rda eng Boliari, Natalia verfasserin aut Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ cost of debt (dpeaa)DE-206 holding company (dpeaa)DE-206 operating company (dpeaa)DE-206 option-adjusted spread (dpeaa)DE-206 yield spread (dpeaa)DE-206 Topyan, Kudret verfasserin (DE-588)171227298 (DE-627)061406732 (DE-576)132037068 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18 https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732 Verlag kostenfrei https://doi.org/10.3390/jrfm15120569 Resolving-System kostenfrei https://hdl.handle.net/10419/275046 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 569 1-18 AR 15 2022 12 12 569 1-18 26 01 0206 4328914642 x1z 02-06-23 2403 01 DE-LFER 4340261157 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120569 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732
allfields_unstemmed	10.3390/jrfm15120569 doi 10419/275046 hdl (DE-627)1847341519 (DE-599)KXP1847341519 DE-627 ger DE-627 rda eng Boliari, Natalia verfasserin aut Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ cost of debt (dpeaa)DE-206 holding company (dpeaa)DE-206 operating company (dpeaa)DE-206 option-adjusted spread (dpeaa)DE-206 yield spread (dpeaa)DE-206 Topyan, Kudret verfasserin (DE-588)171227298 (DE-627)061406732 (DE-576)132037068 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18 https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732 Verlag kostenfrei https://doi.org/10.3390/jrfm15120569 Resolving-System kostenfrei https://hdl.handle.net/10419/275046 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 569 1-18 AR 15 2022 12 12 569 1-18 26 01 0206 4328914642 x1z 02-06-23 2403 01 DE-LFER 4340261157 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120569 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732
allfieldsGer	10.3390/jrfm15120569 doi 10419/275046 hdl (DE-627)1847341519 (DE-599)KXP1847341519 DE-627 ger DE-627 rda eng Boliari, Natalia verfasserin aut Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ cost of debt (dpeaa)DE-206 holding company (dpeaa)DE-206 operating company (dpeaa)DE-206 option-adjusted spread (dpeaa)DE-206 yield spread (dpeaa)DE-206 Topyan, Kudret verfasserin (DE-588)171227298 (DE-627)061406732 (DE-576)132037068 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18 https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732 Verlag kostenfrei https://doi.org/10.3390/jrfm15120569 Resolving-System kostenfrei https://hdl.handle.net/10419/275046 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 569 1-18 AR 15 2022 12 12 569 1-18 26 01 0206 4328914642 x1z 02-06-23 2403 01 DE-LFER 4340261157 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120569 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732
allfieldsSound	10.3390/jrfm15120569 doi 10419/275046 hdl (DE-627)1847341519 (DE-599)KXP1847341519 DE-627 ger DE-627 rda eng Boliari, Natalia verfasserin aut Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ cost of debt (dpeaa)DE-206 holding company (dpeaa)DE-206 operating company (dpeaa)DE-206 option-adjusted spread (dpeaa)DE-206 yield spread (dpeaa)DE-206 Topyan, Kudret verfasserin (DE-588)171227298 (DE-627)061406732 (DE-576)132037068 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18 https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732 Verlag kostenfrei https://doi.org/10.3390/jrfm15120569 Resolving-System kostenfrei https://hdl.handle.net/10419/275046 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 569 1-18 AR 15 2022 12 12 569 1-18 26 01 0206 4328914642 x1z 02-06-23 2403 01 DE-LFER 4340261157 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120569 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732
language	English
source	Enthalten in Journal of risk and financial management 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18
sourceStr	Enthalten in Journal of risk and financial management 15(2022), 12 vom: Dez., Artikel-ID 569, Seite 1-18 volume:15 year:2022 number:12 month:12 elocationid:569 pages:1-18
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topic_facet	cost of debt holding company operating company option-adjusted spread yield spread
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container_title	Journal of risk and financial management
authorswithroles_txt_mv	Boliari, Natalia @@aut@@ Topyan, Kudret @@aut@@
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topic_title	Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan cost of debt (dpeaa)DE-206 holding company (dpeaa)DE-206 operating company (dpeaa)DE-206 option-adjusted spread (dpeaa)DE-206 yield spread (dpeaa)DE-206
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title	Holding companies and debt financing a comparative analysis using option-adjusted spreads
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title_full	Holding companies and debt financing a comparative analysis using option-adjusted spreads Natalia Boliari and Kudret Topyan
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title_sort	holding companies and debt financinga comparative analysis using option-adjusted spreads
title_auth	Holding companies and debt financing a comparative analysis using option-adjusted spreads
abstract	This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones.
abstractGer	This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones.
abstract_unstemmed	This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones.
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title_short	Holding companies and debt financing
url	https://www.mdpi.com/1911-8074/15/12/569/pdf?version=1670489732 https://doi.org/10.3390/jrfm15120569 https://hdl.handle.net/10419/275046
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Holding companies and debt financing : a comparative analysis using option-adjusted spreads

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