Is a Bond Rating Downgrade Bad News, Good News, or No News for Stockholders?

Is a Bond Rating Downgrade Bad News, Good News, or No News for Stockholders?

We examine the reaction of common stock returns to bond rating changes. While recent studies find a significant negative stock response to downgrades, we argue that this reaction should not be expected for all downgrades because: (1) some rating changes are anticipated by market participants and (2)...

Saved in:

書目詳細資料
Main Authors:	GOH, Choo Yong, Jeremy, Ederington, Louis H.
格式:	text
語言:	English
出版:	Institutional Knowledge at Singapore Management University 1993
主題:	Bond ratings expected returns stock prices Business Corporate Finance Finance and Financial Management
在線閱讀:	https://ink.library.smu.edu.sg/lkcsb_research/2199 https://ink.library.smu.edu.sg/context/lkcsb_research/article/3198/viewcontent/Bond_Rating_1993_pv.pdf
標簽:	添加標簽沒有標簽, 成為第一個標記此記錄!

相似書籍

Is a convertible bond call really bad news?
由: EDERINGTON, Louis H., et al.
出版: (2001)

Are All Rivals Affected Equally by Bond Rating Downgrades?
由: CATON, Gary L., et al.
出版: (2003)

Price shocks, news disclosures, and asymmetric drifts
由: LU, Hai, et al.
出版: (2013)

Impact of macroeconomic news in Japan and U.S bond markets.
由: Leong, Shy Wei., et al.
出版: (2008)

The relationship between trading volume and stock price returns in the Philippine stock exchange
由: Alarcon, Denmark C.
出版: (2012)

Global Trade : Bad News, Good News
由: Rogerson, Evan
出版: (2018)

The Good News in Short Interest
由: BOEHMER, Ekkehart, et al.
出版: (2010)

Bond Rating Agencies and Stock Analysts: Who Knows What When?
由: EDERINGTON, Louis H., et al.
出版: (1998)

The impact of exchange rate volatility on the stock market index returns of select developed and developing Asian countries: An analysis
由: Alfonso, Alianne J., et al.
出版: (2022)

Accounting Restatements: Are they Always Bad News for Investors?
由: SEGAL, Dan, et al.
出版: (2006)

The impact of the movement in repurchase rate, reverse repurchase rate, treasury bill rate, and treasury bond rate on common stock returns of banks listed in the Philippine Stock Exchange (2010-2014)
由: Chu, Erica Leona T., et al.
出版: (2016)

Volume, volatility, and public news announcements
由: BOLLERSLEV, Tim, et al.
出版: (2018)

Turning a profit in the new news landscape
由: Singapore Management University
出版: (2018)

Comparison of relative valuation ratios in the ASEAN-4 banking industry
由: Hibo, Dominique Marie F., et al.
出版: (2017)

EFFECT OF NEWS SENTIMENT ON STOCK RETURNS: A TEXTUAL ANALYSIS.
由: SHIANG CHEN TING
出版: (2018)

Credit watch placement and security price behavior around bond rating revisions
由: CHIYACHANTANA, Chiraphol N., et al.
出版: (2014)

Good and bad news about the (S, T) policy
由: Liu, Fang, et al.
出版: (2013)

Financial constraints and stock returns: An evidence from the Philippines
由: Garcia, Mary Stephanie R., et al.
出版: (2016)

The Information Efficiency of the Corporate Bond Market
由: YING, Cheng
出版: (2006)

Can sentiment lead to something more?: A 2009 - 2016 empirical study establishing the relationship of market sentiment and stock market returns of 22 selected Philippine Stock Exchange blue-chip companies
由: Doria, Rolando Mari Q., et al.
出版: (2017)

Can sentiment lead to something more?: A 2009-2016 empirical study establishing the relationship of market sentiment and stock market returns of 22 selected Philippine Stock Exchange blue-chip companies
由: Doria, Rolando Mari Q., et al.
出版: (2017)

Profiting from technical analysis in ASEAN tiger cub economies: Philippines, Thailand, Indonesia and Malaysia using moving averages
由: Ngsuy, Patricia Dawn T.
出版: (2017)

ESG news, future cash flows, and firm value
由: DERRIN, Francois, et al.
出版: (2023)

Measuring information asymmetry in stock returns using information-augmented asset pricing models
由: Fernandez, Franco Agustine M., et al.
出版: (2022)

The relationship of stock returns with systematic risk in the ASEAN-5 Region: A panel data approach analysis of the relationship prior to and during the COVID-19 pandemic
由: Banaag, Wren Angelo Encarnacion, et al.
出版: (2021)

Application of the Black-Litterman model (BL) with optimization on the Philippine Stock Exchange index (PSEi) from 2013 to 2019
由: Navarro, Carlos Roberto Q.
出版: (2020)

Impact of news announcements and credit rating changes on the Japan premium
由: Heng, Candie Shee Ni, et al.
出版: (2008)

Ratings & Downgrades: Opportunities in a Spooked Market
由: Singapore Management University
出版: (2013)

Markov switching model of philippine stock market volatility
由: Almonares, Ray Anthony L.
出版: (2019)

Regime-switching in the volatility of the Philippine stock market
由: Almonares, Ray Anthony L.
出版: (2024)

The Cross-Section of Stock Return and Volatility
由: HAN, Hongchao
出版: (2008)

News co-occurrence, attention spillover, and return predictability
由: GUO, Li, et al.
出版: (2018)

Does the MAX effect exist in the Philippine stock market?
由: Ko, Kino Denzel
出版: (2023)

Do underwriters short-change corporations issuing bonds?
由: GOH, Choo Yong, Jeremy, et al.
出版: (2022)

Accounting information vs. financial market information in explaining stock returns: Evidence from publicly listed non-financial firms in the ASEAN-5 stock markets from 2010 to 2020
由: Roque, Roseanne N., et al.
出版: (2022)

Exploring duration-based methods of estimating interest rate sensitivity of bonds: With application in the Philippine government bond
由: Busto, Nancy Grace F.
出版: (2017)

Option Implied Volatility, Skewness, and Kurtosis and the Cross-Section of Expected Stock Returns
由: BALI, Turan, et al.
出版: (2019)

Do underwriters short-change corporations issuing bonds?
由: GOH, Jeremy C., et al.
出版: (2024)

Joint news, attention spillover, and market returns predictability
由: GUO, Li, et al.
出版: (2021)

Order flow volatility and equity costs of capital
由: CHORDIA, Tarun, et al.
出版: (2019)