Show simple item record

dc.contributor.supervisorWu, Zhenyu (Business Administration)en_US
dc.contributor.authorLiu, Qixin
dc.date.accessioned2021-09-02T13:55:31Z
dc.date.available2021-09-02T13:55:31Z
dc.date.copyright2021-08-26
dc.date.issued2021en_US
dc.date.submitted2021-08-26T10:13:59Zen_US
dc.identifier.urihttp://hdl.handle.net/1993/35902
dc.description.abstractThis research examines the impact of climate risk on firm financing related factors-cost of debt and analyst forecast -from a cross-country empirical perspective. The increasing influence of climate risk on economy and firm performance is realized by all market participants and triggers deeper concern on firm financing activities in high-climate-risk countries. In this paper, we propose that climate risk is positively associated with cost of debt. We believe the increased default risk and an unbalanced demand-supply relationship between investors and borrowers lead to the increase of cost of debt under high climate risk. Moreover, we investigate the moderating role of forecast accuracy and analysts following in the relationship between climate risk and cost of debt. We think that when firms have more accurate forecasts and more analysts following, their cost of debt will increase less under the same climate risk level. Empirically, We conduct mixed-effects models to tests the above proposition with a sample from 33 countries from the year 2004 to 2018. Our results show a nonsignificant relationship between climate risk and cost of debt and show significant negative moderating effects of forecast accuracy and analysts following on the relationship between climate risk and cost of debt.en_US
dc.language.isoengen_US
dc.rightsopen accessen_US
dc.subjectClimate risken_US
dc.subjectCost of debten_US
dc.subjectForecast accuracyen_US
dc.subjectAnalysts followingen_US
dc.titleGlobal climate risk, cost of debt, and analyst forecasten_US
dc.typemaster thesisen_US
dc.degree.disciplineManagementen_US
dc.contributor.examiningcommitteeGao, Jijun (Business Administration)en_US
dc.contributor.examiningcommitteeLiu, Mingzhi (Accounting & Finance)en_US
dc.degree.levelMaster of Science (M.Sc.)en_US
dc.description.noteOctober 2021en_US


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record