德勤－复旦会计论坛系列讲座之一百三十一
时间：2017年10月24日（周二）下午13：30
地点：史带楼503室
主持人: 陈超 教授
Speaker：Gerald Lobo (University of Houston)
Title：Do lenders price tax risk in the debt contract?
Abstract：We investigate the relation between tax risk and the cost of private debt. Tax risk can lead to significant negative outcomes, including penalties, interest and additional tax payments, which can increase the uncertainty of future cash flows and make it more costly for a firm to borrow. We find that borrowers with higher tax risk incur higher loan spreads than less (tax) risky borrowers. We also find that on average, lenders are more likely to require collateral, include more covenants, and issue smaller loans, when borrowers exhibit higher tax risk.
会计学系
2017-10-18
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