Asset Specificity, Industry-Driven Recovery Risk, and Loan Pricing
研究了企业面临的行业下行风险（行业风险）与银行贷款定价的关系，发现行业风险与破产回收率和财务困境可能性显著相关，且无担保贷款利差与行业风险正相关，对资产专用性强的企业更显著。
Abstract This paper examines the relationship between a firm’s exposure to industry downturns that we call industry risk and bank loan pricing. We measure industry risk based on the relationship between a firm’s stock returns and industry returns conditional on an industry downturn. We find industry risk is significantly related to the recovery rates in bankruptcy and the likelihood of the firm experiencing financial distress when its peers are also in distress. More importantly, we find that the spreads on unsecured bank loans are positively related to industry risk measures. These relationships are stronger for firms with more industry-specific assets.