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THE IMPACT OF BOND RATING CHANGES ON COMMON STOCKS AND BONDS: TESTS OF THE WEALTH REDISTRIBUTION HYPOTHESIS
12 references·16 citing·47 second hopsampled
THE IMPACT OF BOND RATING CHANGES ON COMMON STOCKS AND BONDS: TESTS OF THE WEALTH REDISTRIBUTION HYPOTHESIS (1988)THE IMPACT OF BOND RATING CHANGES ON COMM…The effect of bond rating changes on common stock prices (1986)The effect of bond rating cha…Using daily stock returns (1985)Using daily stock returnsWealth redistributions or changes in firm value (1984)Wealth redistributions or cha…The Impact of Merger Bids on the Participating Firms' Security Holders (1982)The Impact of Merger Bids on …Common Stock Returns and Rating Changes: A Methodological Comparison (1982)Common Stock Returns and Rati…THE ADJUSTMENT OF STOCK PRICES TO BOND RATING CHANGES (1978)THE ADJUSTMENT OF STOCK PRICE…The effect of a rating change announcement on bond price (1977)The effect of a rating change…CAPITAL STRUCTURE REARRANGEMENTS AND ME‐FIRST RULES IN AN EFFICIENT CAPITAL MARKET (1977)CAPITAL STRUCTURE REARRANGEME…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The option pricing model and the risk factor of stock (1976)The option pricing model and …The Differential Effects of Bond Rating Changes Among Industrial and Public Utility Bonds by Maturity (1976)The Differential Effects of B…THE PRICE ADJUSTMENT PROCESS OF BONDS TO RATING RECLASSIFICATIONS: A TEST OF BOND MARKET EFFICIENCY (1974)THE PRICE ADJUSTMENT PROCESS …Do LGBT-Supportive Corporate Policies Improve Credit Ratings? An Instrumental-Variable Analysis (2018)Do LGBT-Supportive Corporate …Wealth transfer effects between stockholders and bondholders (2013)Wealth transfer effects betwe…Information Content of Unsolicited Credit Ratings: Evidence from Japanese Firms* (2012)Information Content of Unsoli…An analysis of the determinants of bank ratings: comparison across ratings agencies (2011)An analysis of the determinan…Information Transfer Effects of Bond Rating Downgrades (2010)Information Transfer Effects …Effects of Analysts’ Ratings on Insurer Stock Returns: Evidence of Asymmetric Responses (2010)Effects of Analysts’ Ratings …The impact of sovereign rating changes and financial contagion on stock market returns: Evidence from five Asian countries (2008)The impact of sovereign ratin…Market Segmentation Effects in Corporate Credit Rating Changes: The Case of Emerging Markets (2008)Market Segmentation Effects i…Bankruptcy probability changes and the differential informativeness of bond upgrades and downgrades (2007)Bankruptcy probability change…Risk and Return Around Bond Rating Changes: New Evidence From the Spanish Stock Market (2006)Risk and Return Around Bond R…The Effect of Sovereign Credit Rating Changes on Emerging Stock Markets (2005)The Effect of Sovereign Credi…The Social Impact of Business Failure: Enron (2002)The Social Impact of Business…The National Market Impact of Sovereign Rating Changes (2002)The National Market Impact of…Information and the market's perceptions of Japanese bank risk: Regulation, environment, and disclosure (2002)Information and the market's …INTRA‐INDUSTRY EFFECTS OF BOND RATING ADJUSTMENTS (1997)INTRA‐INDUSTRY EFFECTS OF BON…Bond Yields, Ratings, and Financial Information: Evidence from Public Utility Issues (1991)Bond Yields, Ratings, and Fin…The Pricing of Options and Corporate Liabilities (1973)Determinants of corporate borrowing (1977)Predictable events and excess returns: The case of dividend announcements (1985)Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends (1987)Event risk, covenants, and bondholder returns in leveraged buyouts (1990)The Adjustment of Stock Prices to New Information (1969)Risk, Return, and Equilibrium: Empirical Tests (1973)THE INFORMATIONAL CONTENT OF BOND RATINGS (1987)The Effect of Bond-Rating Changes on Bond Price Performance (1997)Bank monitoring and the pricing of corporate public debt1We thank Atul Gupta, Robyn McLaughlin, Tim Mech, David P. Simon, and especially Bill Schwert (the editor), and Peggy Wier (the referee) for their valuable comments. The third author acknowledges partial financial support from the Babcock Summer Research Program. The usual disclaimer applies.1 (1999)The Adjustment of Stock Prices to New Information (2003)The Behavior of Stock-Market Prices (1965)An Empirical Evaluation of Accounting Income Numbers (1968)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)Exploring for the Determinants of Credit Risk in Credit Default Swap Transaction Data: Is Fixed-Income Markets' Information Sufficient to Evaluate Credit Risk? (2003)Do Market‐based Indicators Anticipate Rating Agencies? Evidence for International Banks (2006)The impact of credit rating announcements on credit default swap spreads (2013)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The valuation of compound options (1979)Ownership Structure, Deregulation, and Bank Risk Taking (1990)Strong boards, CEO power and bank risk-taking (2009)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Differential properties in the ratings of certified versus non-certified bond-rating agencies (2006)The Relationship between Credit Default Swap Spreads, Bond Yields, and Credit Rating Announcements (2012)Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing (2014)Estimating betas from nonsynchronous data (1977)Anomalies in relationships between securities' yields and yield-surrogates (1978)Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements (1984)Informational efficiency of credit default swap and stock markets: The impact of credit rating announcements (2004)The Economics of Structured Finance (2009)How did increased competition affect credit ratings? (2011)Time Series Analysis: Forecasting and Control (1977)Time Series Analysis: Forecasting and Control (1977)Efficient Capital Markets: II (1991)ARCH modeling in finance (1992)Introductory Econometrics for Finance (2008)Measuring security price performance (1980)A Theory of Preemptive Takeover Bidding (1988)Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification (1995)Corporate Takeovers**Surveying the vast area of corporate takeovers is a daunting task, and we have undoubtedly missed many interesting contributions. We apologize to those who feel their research has been left out or improperly characterized, and welcome reactions and comments. Some of the material in Section 3 is also found in Eckbo (2008). (2008)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Corporate financing and investment decisions when firms have information that investors do not have (1984)Law and Finance (1998)Bond ratings, bond yields and financial information* (1992)An analysis of the determinants of sovereign ratings (2004)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1985Using daily stock returns6,497 cited
  • 1976The option pricing model and the risk factor of stock1,239 cited
  • 1986The effect of bond rating changes on common stock prices734 cited
  • 1978THE ADJUSTMENT OF STOCK PRICES TO BOND RATING CHANGES304 cited
  • 1977The effect of a rating change announcement on bond price288 cited
  • 1984Wealth redistributions or changes in firm value251 cited
  • 1982The Impact of Merger Bids on the Participating Firms' Security Holders235 cited
  • 1982Common Stock Returns and Rating Changes: A Methodological Comparison216 cited
  • 1974THE PRICE ADJUSTMENT PROCESS OF BONDS TO RATING RECLASSIFICATIONS: A TEST OF BOND MARKET EFFICIENCY180 cited
  • 1976The Differential Effects of Bond Rating Changes Among Industrial and Public Utility Bonds by Maturity153 cited
  • 1977CAPITAL STRUCTURE REARRANGEMENTS AND ME‐FIRST RULES IN AN EFFICIENT CAPITAL MARKET74 cited

Cited by

  • 2018Do LGBT-Supportive Corporate Policies Improve Credit Ratings? An Instrumental-Variable Analysis76 cited
  • 2010Effects of Analysts’ Ratings on Insurer Stock Returns: Evidence of Asymmetric Responses56 cited

Only edges whose both ends are imported exist here. Widen the year window, or show the whole map. Back to the work

  • 1997INTRA‐INDUSTRY EFFECTS OF BOND RATING ADJUSTMENTS55 cited
  • 1991Bond Yields, Ratings, and Financial Information: Evidence from Public Utility Issues54 cited
  • 2010Information Transfer Effects of Bond Rating Downgrades53 cited
  • 2011An analysis of the determinants of bank ratings: comparison across ratings agencies52 cited
  • 2008The impact of sovereign rating changes and financial contagion on stock market returns: Evidence from five Asian countries52 cited
  • 2002The National Market Impact of Sovereign Rating Changes51 cited
  • 2006Risk and Return Around Bond Rating Changes: New Evidence From the Spanish Stock Market50 cited
  • 2007Bankruptcy probability changes and the differential informativeness of bond upgrades and downgrades45 cited
  • 2002Information and the market's perceptions of Japanese bank risk: Regulation, environment, and disclosure44 cited
  • 2013Wealth transfer effects between stockholders and bondholders39 cited
  • 2002The Social Impact of Business Failure: Enron39 cited
  • 2005The Effect of Sovereign Credit Rating Changes on Emerging Stock Markets34 cited
  • 2008Market Segmentation Effects in Corporate Credit Rating Changes: The Case of Emerging Markets30 cited
  • 2012Information Content of Unsolicited Credit Ratings: Evidence from Japanese Firms*28 cited