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MANAGERIAL ABILITY, COST OF DEBT AND THE MODERATING ROLE OF MANAGERIAL DISCRETION
In order to distinguish essays and pre-prints from academic theses, we have a separate category. These are often much longer text based documents than a paper.
posted on 09.05.2017by KWOK TONG (Samuel) CHEUNG
This thesis investigates and provides empirical evidence on whether (1) more able managers are associated with lower cost of debt capital, (2) the association between more able managers and the cost of debt is affected by the degree of managerial discretion, and (3) the joint effect of managerial ability and discretion on the cost of debt is further conditioned by prior lending relationship. This thesis contributes to a better understanding of the role of managerial talent and discretion on the cost of debt capital, and also the role of prior lending relationship in such joint effect.