Are Low Equity R2 Firms More or Less Transparent? Evidence from the Corporate Bond Market
研究了公司股票收益同步性（R²）与其债券定价和设计的关系，发现低同步性公司债券成本更高、对分析师信息反应更大，表明低R²反映信息透明度差和风险高。
Abstract We examine the relation between a firm's equity R 2 and the pricing and design of its debt securities. We find that firms with less synchronous stock returns are associated with a higher cost of debt after controlling for default and liquidity risks. Bonds issued by low synchronicity issuers also experience larger price reactions to information signals provided by equity analysts. Further analysis demonstrates that lower synchronicity is associated with cross‐sectional variation in the use of call provisions and with split S&P and Moody's bond ratings. Contrary to conventional interpretation, these results suggest that low R 2 reflects inferior information transparency and higher information risk.