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What Does Nasdaq's High-Yield Bond Market Reveal about Bondholder-Stockholder Conflicts?
16 references·8 citing·42 second hopsampled
What Does Nasdaq's High-Yield Bond Market Reveal about Bondholder-Stockholder Conflicts? (2000)What Does Nasdaq's High-Yield Bond Market…The determinants of trading volume of high-yield corporate bonds (2000)The determinants of trading v…Targeting Capital Structure: The Relationship Between Risky Debt and the Firm's Likelihood of Being Acquired (1996)Targeting Capital Structure: …Firm-specific information and the correlation between individual stocks and bonds (1996)Firm-specific information and…Is a Bond Rating Downgrade Bad News, Good News, or No News for Stockholders? (1993)Is a Bond Rating Downgrade Ba…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Bondholder Losses in Leveraged Buyouts (1993)Bondholder Losses in Leverage…The Investment Performance of Low-Grade Bond Funds (1991)The Investment Performance of…Returns and Volatility of Low‐Grade Bonds 1977–1989 (1991)Returns and Volatility of Low…Investment banking and the capital acquisition process (1986)Investment banking and the ca…Using daily stock returns (1985)Using daily stock returnsMarket Imperfections, Agency Problems, and Capital Structure: A Review (1981)Market Imperfections, Agency …The effects of capital structure change on security prices (1980)The effects of capital struct…Measuring security price performance (1980)Measuring security price perf…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)ON THE PRICING OF CORPORATE D…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Sell-Side Debt Analysts and Debt Market Efficiency (2015)Sell-Side Debt Analysts and D…Credit default swaps and sovereign debt markets (2015)Credit default swaps and sove…The Informational Role of Stock and Bond Volume (2014)The Informational Role of Sto…Debt Analysts' Views of Debt-Equity Conflicts of Interest (2013)Debt Analysts' Views of Debt-…Idiosyncratic volatility vs. liquidity? Evidence from the US corporate bond market (2011)Idiosyncratic volatility vs. …The fast and the furious—Stock returns and CDS of financial institutions under stress (2010)The fast and the furious—Stoc…Callable Bonds Revisited (2010)Callable Bonds RevisitedMunicipal Bond Liquidity (2004)Municipal Bond LiquidityCAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Continuous Auctions and Insider Trading (1985)Stock Returns and the Term Structure (1985)A Theory of Intraday Patterns: Volume and Price Variability (1988)An Empirical Study of Bond Market Transactions (2000)Credit spreads: An empirical analysis on the informational content of stocks, bonds, and CDS (2009)Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007 (2009)An Empirical Evaluation of Accounting Income Numbers (1968)The Adjustment of Stock Prices to New Information (1969)Event Studies in Economics and Finance (1997)Introductory Econometrics for Finance (2008)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Pricing of Options and Corporate Liabilities (1973)Option pricing when underlying stock returns are discontinuous (1976)The valuation of options for alternative stochastic processes (1976)An equilibrium characterization of the term structure (1977)Time Series Analysis: Forecasting and Control (1977)Time Series Analysis: Forecasting and Control (1977)Efficient Capital Markets: II (1991)ARCH modeling in finance (1992)Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)The effect of bond rating changes on common stock prices (1986)The Effect of Bond Rating Agency Announcements on Bond and Stock Prices (1992)Determinants and Impact of Sovereign Credit Ratings (1996)Credit Ratings as Coordination Mechanisms (2005)Determinants and Impact of Sovereign Credit Ratings (2007)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Long‐Run Performance of initial Public Offerings (1991)Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Law and Finance (1998)The valuation effects of stock splits and stock dividends (1984)Valuation effects of corporate debt offerings (1986)Trade-Off and Pecking Order Theories of Debt (2005)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1974ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES*10,779 cited
  • 1985Using daily stock returns6,497 cited
  • 1980Measuring security price performance3,330 cited
  • 1986Investment banking and the capital acquisition process979 cited
  • 1980The effects of capital structure change on security prices529 cited
  • 1993Is a Bond Rating Downgrade Bad News, Good News, or No News for Stockholders?512 cited
  • 1996Firm-specific information and the correlation between individual stocks and bonds411 cited
  • 1993Bondholder Losses in Leveraged Buyouts298 cited
  • 1991Returns and Volatility of Low‐Grade Bonds 1977–1989186 cited
  • 1991The Investment Performance of Low-Grade Bond Funds183 cited
  • 1981Market Imperfections, Agency Problems, and Capital Structure: A Review172 cited
  • 2000The determinants of trading volume of high-yield corporate bonds170 cited

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1996
Targeting Capital Structure: The Relationship Between Risky Debt and the Firm's Likelihood of Being Acquired
91 cited

Cited by

  • 2013Debt Analysts' Views of Debt-Equity Conflicts of Interest58 cited
  • 2015Sell-Side Debt Analysts and Debt Market Efficiency40 cited
  • 2004Municipal Bond Liquidity40 cited
  • 2010Callable Bonds Revisited37 cited
  • 2014The Informational Role of Stock and Bond Volume37 cited
  • 2011Idiosyncratic volatility vs. liquidity? Evidence from the US corporate bond market33 cited
  • 2010The fast and the furious—Stock returns and CDS of financial institutions under stress32 cited
  • 2015Credit default swaps and sovereign debt markets31 cited