IS A BOND RATING DOWNGRADE BAD-NEWS, GOOD-NEWS, OR NO NEWS FOR STOCKHOLDERS

被引：1

作者：

GOH, JC ^{[1
]}

EDERINGTON, LH ^{[1
]}

机构：

[1] UNIV OKLAHOMA,NORMAN,OK 73019

来源：

JOURNAL OF FINANCE | 1993年 / 48卷 / 05期

关键词：

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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) downgrades because of an anticipated move to transfer wealth from bondholders to stockholders should be good news for stockholders. We find that downgrades associated with deteriorating financial prospects convey new negative information to the capital market, but that downgrades due to changes in firms' leverage do not.

引用

页码：2001 / 2008

页数：8

共 9 条

[1]

Cornell B., 1989, J ACCOUNTING AUDITIN, V4, P460, DOI https://doi.org/10.1177/0148558X8900400403

[2]

Ederington LH, 1987, HDB FINANCIAL MARKET, V6th

[3] COMMON-STOCK RETURNS AND RATING CHANGES - A METHODOLOGICAL COMPARISON [J].