Asset Specificity, Industry-Driven Recovery Risk, and Loan Pricing
This paper examines the relationship between a firm's exposure to industry downturns that we call industry risk and bank loan pricing. We measure industry risk based on the relationship between a firm's stock returns and industry returns conditional on an industry downturn. We find industr...
|Published in:||The Journal of Financial and Quantitative Analysis, Vol. 49, No. 3 (2014), p. 599-631|
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|Item Description:||Copyright: Copyright 2014 Michael G. Foster School of Business, University of Washington|
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