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Essays on financial markets and corporate outcomes

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URI: https://hdl.handle.net/10016/27983
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tesis-sergio-garcia-2018.pdf (1.21 MB)
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2017-11
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2018-01-29
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Estados Unidos
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These conflicting channels of influence raise an interesting empirical question regarding how bondholders, an important group of claimholders in the capital structure, view an active option market. In this paper, we address this open empirical question. Specifically, we study whether the volume of equity options written on the underlying asset increases or reduces firms' cost of debt. We find that a one-standard-deviation increase in options trading volume from its mean is associated with a 10-basis-point increase in the bond at-issue yield spread.
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Mercados financieros, Opciones, Deuda, Productos financieros derivados
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