How do “gatekeepers” affect credit risk?

This study investigates the relationship between auditor tenure and credit default swap (CDS) spreads of U.S. firms based on quantile regression. After allowing for common determinants of CDS spreads, auditor tenure exerts both statistically and economically significant additional impacts on the CDS...

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Autores principales:	Xu Li, Xingtong Zhang, Yinggang Zhou
Formato:	article
Lenguaje:	EN
Publicado:	KeAi Communications Co., Ltd. 2021
Materias:	G01 G15 G32 Industrial engineering. Management engineering T55.4-60.8
Acceso en línea:	https://doaj.org/article/5472246a746e4b5cad3a7617d22168a9
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spelling	oai:doaj.org-article:5472246a746e4b5cad3a7617d22168a92021-11-10T04:24:47ZHow do “gatekeepers” affect credit risk?2096-232010.1016/j.jmse.2021.08.004https://doaj.org/article/5472246a746e4b5cad3a7617d22168a92021-09-01T00:00:00Zhttp://www.sciencedirect.com/science/article/pii/S2096232021000470https://doaj.org/toc/2096-2320This study investigates the relationship between auditor tenure and credit default swap (CDS) spreads of U.S. firms based on quantile regression. After allowing for common determinants of CDS spreads, auditor tenure exerts both statistically and economically significant additional impacts on the CDS market. Furthermore, there are differential effects of common CDS spread determinants and auditor tenure. While common determinants of CDS spreads (e.g., leverage, volatility, risk free rate, credit ratings, and earnings) have monotonically increasing impacts when CDS spreads (and their changes) are increasingly higher, auditor tenure primarily has the impact when CDS spreads are of low or median levels for less risky firms.Xu LiXingtong ZhangYinggang ZhouKeAi Communications Co., Ltd.articleG01G15G32Industrial engineering. Management engineeringT55.4-60.8ENJournal of Management Science and Engineering, Vol 6, Iss 3, Pp 295-311 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	G01 G15 G32 Industrial engineering. Management engineering T55.4-60.8
spellingShingle	G01 G15 G32 Industrial engineering. Management engineering T55.4-60.8 Xu Li Xingtong Zhang Yinggang Zhou How do “gatekeepers” affect credit risk?
description	This study investigates the relationship between auditor tenure and credit default swap (CDS) spreads of U.S. firms based on quantile regression. After allowing for common determinants of CDS spreads, auditor tenure exerts both statistically and economically significant additional impacts on the CDS market. Furthermore, there are differential effects of common CDS spread determinants and auditor tenure. While common determinants of CDS spreads (e.g., leverage, volatility, risk free rate, credit ratings, and earnings) have monotonically increasing impacts when CDS spreads (and their changes) are increasingly higher, auditor tenure primarily has the impact when CDS spreads are of low or median levels for less risky firms.
format	article
author	Xu Li Xingtong Zhang Yinggang Zhou
author_facet	Xu Li Xingtong Zhang Yinggang Zhou
author_sort	Xu Li
title	How do “gatekeepers” affect credit risk?
title_short	How do “gatekeepers” affect credit risk?
title_full	How do “gatekeepers” affect credit risk?
title_fullStr	How do “gatekeepers” affect credit risk?
title_full_unstemmed	How do “gatekeepers” affect credit risk?
title_sort	how do “gatekeepers” affect credit risk?
publisher	KeAi Communications Co., Ltd.
publishDate	2021
url	https://doaj.org/article/5472246a746e4b5cad3a7617d22168a9
work_keys_str_mv	AT xuli howdogatekeepersaffectcreditrisk AT xingtongzhang howdogatekeepersaffectcreditrisk AT yinggangzhou howdogatekeepersaffectcreditrisk
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How do “gatekeepers” affect credit risk?

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