南開科技大學圖書館 |

言語: 日文

ヘルプ

南開科技大學

圖書館首頁

編目中圖書申請

ログイン

ホームページ

スイッチ: ラベル | MARC形式 | 国際標準書誌記述(ISBD)

Information and the bond market.

Carnegie Mellon University.

Information and the bond market.

レコード種別:	コンピュータ・メディア : 単行資料
タイトル / 著者:	Information and the bond market./
作者:	Zhao, Janet Yinqing.
面頁冊數:	132 p.
附註:	Source: Dissertation Abstracts International, Volume: 69-01, Section: A, page: 0274.
Contained By:	Dissertation Abstracts International69-01A.
標題:	Business Administration, Accounting. -
電子資源:	Download PDF (下載PDF全文)
ISBN:	9780549437567

Information and the bond market.
Zhao, Janet Yinqing.

Information and the bond market. - 132 p.

Source: Dissertation Abstracts International, Volume: 69-01, Section: A, page: 0274.

Thesis (Ph.D.)--Carnegie Mellon University, 2007.

This dissertation studies the issues on information and the bond market. The first essay examines the incentives of certified credit rating agencies to issue credit watches. The second essay studies how quality of private information of investors affects bond yield spreads. The third essay studies whether more accrual-based income smoothing is related with better or worse bond ratings.

ISBN: 9780549437567Subjects--Topical Terms:

1000006273
Business Administration, Accounting.

Information and the bond market.
LDR:03762nmm 2200301 4500 001 1000005096
005 20081017121312.5
008 081017s2007 ||||||||||||||||| ||eng d
020 $a 9780549437567
035 $a (UMI)AAI3299659
035 $a AAI3299659
040 $a UMI $c UMI{me_controlnum}
100 1 $a Zhao, Janet Yinqing. $3 1000006321
245 1 0 $a Information and the bond market.
300 $a 132 p.
500 $a Source: Dissertation Abstracts International, Volume: 69-01, Section: A, page: 0274.
500 $a Adviser: Zhaoyang Gu.
502 $a Thesis (Ph.D.)--Carnegie Mellon University, 2007.
520 $a This dissertation studies the issues on information and the bond market. The first essay examines the incentives of certified credit rating agencies to issue credit watches. The second essay studies how quality of private information of investors affects bond yield spreads. The third essay studies whether more accrual-based income smoothing is related with better or worse bond ratings.
520 $a Essay 1: Asymmetric credit watches before downgrades and upgrades: Evidence on conservatism of certified credit rating agencies. Certified credit rating agencies issue credit watches to warn about changes in firms' creditworthiness and possible future rating changes. More rating downgrades are preceded by credit watches than rating upgrades, consistent with the rating agencies being conservative, that is, responding more quickly to bad news than to good news. Downgrades are more likely to be preceded by credit watches than upgrades when (1) the ratings are of investment grade, (2) there are rating triggers, and (3) the issuer's securities-related litigation risk is high. These results suggest that rating agencies' conservatism, like accounting conservatism, is likely motivated by contracting and litigation.
520 $a Essay 2: Quality of private information and bond yield spreads. Private information of investors could play a different role in the over-the-counter (OTC) market for corporate bonds than in the equity market. In particular, private information could reduce dealer market power and assessed default probability while Having limited effect on creating information asymmetry among mostly institutional investors. We show that precision of both private and public information is negatively related to bond yield spreads. There is also a substitution effect between the two sources of information. In addition, we find that the information effect is especially large when bond maturity is relatively short, consistent with the theory of Duffle and Lando (2001). Our results suggest that, when assessing their reporting strategy, managers should not only consider the relation between public and private information, but also weigh the relative importance of the bond and equity markets in each context.
520 $a Essay 3: Income smoothing and bond ratings. Accounting accruals affect not only the levels but also the volatility of the reported earnings. We show in this paper that the income-smoothing use of accruals plays a useful role in the debt market. More income smoothing is associated with more favorable bond ratings and larger weight on accruals in bond ratings. These results are consistent with the argument that income smoothing signals superior firm performance. They complement the consistent findings from the equity market on the reward to income smoothing and cast doubt on the recent plea to "stop smoothing earnings" (Jensen, 2005).
590 $a School code: 0041.
650 4 $a Business Administration, Accounting. $3 1000006273
690 $a 0272
710 2 $a Carnegie Mellon University. $3 1000005587
773 0 $t Dissertation Abstracts International $g 69-01A.
790 1 0 $a Gu, Zhaoyang, $e advisor
790 $a 0041
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3299659 $z Download PDF (下載PDF全文)