Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Xu, Xinpeng (AF) | en_US |
| dc.creator | Wang, Jing | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/12137 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Economic policy uncertainty, local business environment and credit | en_US |
| dcterms.abstract | Does economic policy uncertainty (EPU) influence the cost of credit in China? To answer this question, I develop a novel measure of EPU at the province-level in China using Python techniques in newspaper text scraping of keywords from 29 provincial newspapers. Then, I use this measure to examine how EPU affects bond spread in China's offshore dollar bond market during 2016–2020. I find that EPU has a sizable effect on bond spread. In other words, the higher the EPU a firm faces, the wider the spread of its offshore dollar bond will be. However, I do not find evidence that more favorable provincial business environments (BE) help narrow bond spread. Contrary to the theory of institutional economics wherein institution matters, I find that better provincial BE widens the EPU's impact on bond spread, which seems to be consistent with the theory of rational expectation. Finally, I discuss implications of the findings to both policy makers and market participants. | en_US |
| dcterms.extent | i, 70, [17] pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2022 | en_US |
| dcterms.educationalLevel | D.B.A. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | China -- Economic policy | en_US |
| dcterms.LCSH | Bonds -- China | en_US |
| dcterms.LCSH | Bond market -- China | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 6601.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.35 MB | Adobe PDF | View/Open |
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