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Retail bond investors and credit ratings
Journal of Accounting and Economics, 2021Using comprehensive data on U.S. corporate bond trades since 2002, we find that retail bond investors over-rely on untimely credit ratings, neglect firm fundamentals, and appear to misunderstand the trade-off between bond risk and yields. Specifically, retail investors appear to select bonds by first screening on a credit rating level and then sorting ...
Ed deHaan, Jiacui Li, Edward M. Watts
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Earnings Predictability, Bond Ratings, and Bond Yields
Review of Quantitative Finance and Accounting, 2005We examine the role that earnings predictability plays in establishing a firm’s cost of debt capital by measuring its influence on establishing a new issue’s bond rating. In addition, we also examine the effects of earnings predictability on the initial pricing of the firm’s debt.
Aaron D. Crabtree, John J. Maher
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Bond ratings, bond yields and financial information*
Contemporary Accounting Research, 1992Abstract. The role of accounting information in investment decision making and capital markets has been investigated by exploring fundamental connections between accounting numbers and market‐based phenomena of interest. Studies of bond rating predictions have described how bond raters make their judgments as a function of accounting and other data ...
DAVID A. ZIEBART, SARA A. REITER
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Utility Bond Rates and Tax Normalization
The Journal of Finance, 1979debt costs. The argument is that the collection of deferred tax from the utility's customers now rather than in the future will lessen the financial risk of the company. In turn, this reduction in risk will be perceived by investors and therefore the risk premium incorporated in bond rates will be reduced.
Berndt, Ernst R +2 more
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Effect of Loading Rate on Bond Strength
Journal of Orofacial Orthopedics / Fortschritte der Kieferorthop�die, 2004The purpose of this study was to examine the effect of loading rate on the bond strength of brackets bonded to enamel. Forty premolars were used and brackets were bonded with a chemically cured or a light-cured adhesive, mounted on a testing machine, and debonded under shear stress at two loading velocities: a standard 1 mm/min, and a fast 200 mm/min ...
Theodore, Eliades +3 more
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THE EFFECT OF BOND AGE, INTEREST RATE AND INFLATION RATE OF RETURN ON BONDS
2020Bonds selected investors as an investment instrument because it has a fixed return of interest or coupon and yield with a low level of risk. The formulation of the problem in this study is whether the life of the bond partial effect on government bond yields, whether the interest rate partially on government bond yields, whether inflation partial ...
Ekhsan, Muhamad, Fahlevi, Mochammad
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Economic Freedom and State Bond Ratings
SSRN Electronic Journal, 2013Are state bond ratings, ceteris paribus, related to economic freedom? We test for the relationship between economic freedom and an aggregate index comprised of ratings by Standard & Poor, Moody's, and Fitch. We also test for a relationship between economic freedom and the ratings by these three agencies individually.
Ariel R. Belasen +2 more
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1998
AbstractThis chapter examines the specific problems associated with the application of arbitrage theory to the bond market. It focuses on zero coupon bonds, also known as pure discount bonds, of various maturities. Practice exercises are included.
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AbstractThis chapter examines the specific problems associated with the application of arbitrage theory to the bond market. It focuses on zero coupon bonds, also known as pure discount bonds, of various maturities. Practice exercises are included.
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The Journal of Structured Finance, 2007
Bond ratings are becoming confusing because rating agencies have adopted inconsistent rating definitions for different kinds of securities. Standard & Poor9s rating definitions illustrate the issue most vividly. S&P9s rating symbols correspond to different default probabilities for 1) corporate bonds, 2) mortgage and asset backed securities, and 3 ...
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Bond ratings are becoming confusing because rating agencies have adopted inconsistent rating definitions for different kinds of securities. Standard & Poor9s rating definitions illustrate the issue most vividly. S&P9s rating symbols correspond to different default probabilities for 1) corporate bonds, 2) mortgage and asset backed securities, and 3 ...
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On the consistency of ratings and bond market yields
Journal of Banking & Finance, 2002We study the consistency of the credit-risk orderings implicit in ratings and bond market yields. By analyzing errors in term structure estimates for bonds with particular ratings, we show that for significant periods, a quarter of some categories of high credit quality bonds are rated in a manner that is inconsistent with their pricing.
Perraudin, W, Taylor, AP
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