Credit default swap spreads and annual report readability

• Main Authors: HU, Nan, LIU, Ling, ZHU, Lu
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2018
• 主題: Credit default swap (CDS); Credit risk; Annual report readability; 10-K; Databases and Information Systems; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/sis_research/8038
• 機構: Singapore Management University

This paper investigates whether annual report readability matters to CDS market participants and how it affects their evaluation on a firm's credit risk, as measured by CDS spreads. We find that the less readable the annual reports, the higher the CDS spreads. Furthermore, the impact of readabi...