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Public data availability and bond credit spreads: Evidence from China

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  • Wen, Wen
  • Dong, Jinghan
  • Niu, Yuhao

Abstract

This study investigates how public data availability affects corporate bond credit spread, addressing the gap in the role of public data in the bond market. Using the staggered implementation of public data initiatives in China, we adopt a difference-in-differences approach and find a significant decrease in local firms' bond credit spreads following the establishment of public data platforms. Mechanism tests show that public data availability reduces bond credit spreads by alleviating information asymmetry, mitigating default risk, and strengthening internal governance and external monitoring. The positive impact of public data on bond financing costs intensifies with increased volume, diverse sources, and easier access. Additionally, the effect varies with themes of public data and is more pronounced for issuers with less reputable underwriters, higher policy sensitivity, and elevated risk. These findings highlight public data's economic value and provide implications for promoting open data initiatives to improve bond market efficiency.

Suggested Citation

  • Wen, Wen & Dong, Jinghan & Niu, Yuhao, 2026. "Public data availability and bond credit spreads: Evidence from China," Economic Modelling, Elsevier, vol. 154(C).
    • Handle: RePEc:eee:ecmode:v:154:y:2026:i:c:s0264999325003372
    DOI: 10.1016/j.econmod.2025.107342
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