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- W2593581405 abstract "This paper examines whether information about peer firms affects the cost of capital for related firms in an industry and when such effects are more significant. We focus on a sample of private firms that raise public debt for the first time because such firms are opaque prior to their bond issuance but become significantly more transparent following their issuance. We predict and find that in the initial year of the bond issuance, when information about the capital raising firm is scarce, peer information is negatively associated with the issuing firm’s cost of capital. This effect shrinks over time as the amount of publicly available information about the firm increases and substitutes for peer information. In economic terms, peer information lowers bond yields by 16.6% for first-time bond issuers in the year of issuance, but by 4.4% in the third year after issuance. We corroborate our inference by examining the effect of peer information on the cost of equity capital during equity offerings. This paper provides novel evidence that the positive externalities arising from information about peer firms vary over time." @default.
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- W2593581405 date "2017-02-24" @default.
- W2593581405 modified "2023-09-27" @default.
- W2593581405 title "When Does the Peer Information Environment Matter" @default.
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