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Does local gambling culture affect bond yield spread? Evidence from China

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  • Yan Xie
  • Xin Wang
  • Kam C. Chan

Abstract

We study the effect of gambling culture in the province where a firm is located on its bond yield spread. Our findings suggest that a high gambling culture translates into a high bond yield spread. In addition, the impact is more salient for firms with high operating volatility and increased default risk. Overall, the results are consistent with the notion that when firms are located in high gambling culture provinces, they are riskier, and thus bond investors ask for a high bond yield.

Suggested Citation

  • Yan Xie & Xin Wang & Kam C. Chan, 2023. "Does local gambling culture affect bond yield spread? Evidence from China," Applied Economics Letters, Taylor & Francis Journals, vol. 30(8), pages 1101-1106, May.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:8:p:1101-1106
    DOI: 10.1080/13504851.2022.2036679
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    Cited by:

    1. Lina Mao & Chongluan Lu & Guangfan Sun & Chunyan Zhang & Changwei Guo, 2024. "Regional culture and corporate finance: a literature review," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.

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