杠杆(统计)
资产负债表
业务
信用违约掉期
信用风险
附属的
债券
资本结构
信用评级
会计
精算学
财务
债务
机器学习
计算机科学
跨国公司
作者
Jennifer Wu Tucker,Ying Zhou,Jigao Zhu
出处
期刊:Accounting Horizons
[American Accounting Association]
日期:2024-08-07
卷期号:38 (3): 135-156
标识
DOI:10.2308/horizons-2021-102
摘要
SYNOPSIS General-purpose financial statements prepared under GAAP are for a consolidated reporting entity—a collection of legal entities that includes the parent and any subsidiaries it controls. This reporting model results in a loss of information about the individual legal entities within the consolidated reporting entity. Our study examines the role of parent-only balance sheet information in assessing the credit risk of the parent when it is a bank holding company. We obtain evidence from three trading platforms: credit default swaps (CDS), outstanding bonds, and new bonds. We find that parent-only leverage is useful for debtholders to assess the parent’s credit risk even after considering consolidated leverage. Moreover, in CDS markets, parent-only leverage is more useful for firms without downstream guarantee than for firms with guarantee and is less useful for firms with a stronger internal capital market. Our study raises the awareness of parent-only financial information for credit risk assessments. Data Availability: All data are available from the identified public sources. JEL Classifications: M2; M4; G3.
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