The Impact Of Narrative Disclosure Readability On Bond Ratings And The Cost Of Debt. This study examines the impact of financial disclosure narrative on bond market outcomes. There is also some literature on the impact of annual report readability on debt markets (bank loans bonsall and miller (2017) examine 3659 initial bond ratings and bond offering credit spreads.
Bond ratings attempt to measure the safety of a particular bond.
We find that less readable financial disclosures are associated with less favorable ratings, greater bond rating. The impact of narrative disclosure readability on bond ratings and the cost of debt. We find that less readable financial disclosures are associated with less favorable ratings, greater bond rating. Calculating the cost of debt will tell you!
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