Tests of a Signaling Hypothesis: The Choice between Fixed- and Adjustable-Rate Debt
构建模型说明企业选择浮动利率还是固定利率债务可以传递企业质量的信号，并利用1978-1986年债务公告数据验证了该假说。
We develop a model wherein the choice between adjustable- and fixed-rate debt can serve as a signal of firm quality. The nature of the signal depends on expected inflation volatility relative to other risk parameters. Evidence from a matched sample of debt announcements over the period 1978 to 1986 shows a difference of |$ - 2.05 \ {\rm percent}$| between stock price reactions to adjustable rate and fixed rate announcements when expected inflation volatility is above an estimated threshold. Below this threshold, the difference is |$+0.98 \ {\rm percent}.$| The evidence supports the hypothesis that the riskier debt choice serves as a favorable signal of firm quality.