Persistent Link:
http://hdl.handle.net/10150/184716
Title:
The impact of earnings announcement on bond price.
Author:
Jin, Jong-Dae.
Issue Date:
1989
Publisher:
The University of Arizona.
Rights:
Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
Abstract:
This study presents evidence about information content of earnings announcements to bond investors. First, it examines an association between the sign and magnitude of earnings changes and bond returns. Second, if the association exists, this study examines whether the association varies systematically with such variables as firm size and default risk which have been shown to affect the association between earnings changes and stock returns. Results presented in this study indicate that earnings announcements have information content to bond investors; i.e. the results suggest a significant positive association between the sign and magnitude of earnings changes and bond returns. Results for the cross-sectional variation of the association between earnings changes and bond returns (ERC) suggest that the ERC is positively related to bond default risk measured by bond ratings and negatively related to firm size measured by the market value of common shares outstanding.
Type:
text; Dissertation-Reproduction (electronic)
Degree Name:
Ph.D.
Degree Level:
doctoral
Degree Program:
Business Administration; Graduate College
Degree Grantor:
University of Arizona
Advisor:
Dhaliwal, Dan S.

Full metadata record

DC FieldValue Language
dc.language.isoenen_US
dc.titleThe impact of earnings announcement on bond price.en_US
dc.creatorJin, Jong-Dae.en_US
dc.contributor.authorJin, Jong-Dae.en_US
dc.date.issued1989en_US
dc.publisherThe University of Arizona.en_US
dc.rightsCopyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.en_US
dc.description.abstractThis study presents evidence about information content of earnings announcements to bond investors. First, it examines an association between the sign and magnitude of earnings changes and bond returns. Second, if the association exists, this study examines whether the association varies systematically with such variables as firm size and default risk which have been shown to affect the association between earnings changes and stock returns. Results presented in this study indicate that earnings announcements have information content to bond investors; i.e. the results suggest a significant positive association between the sign and magnitude of earnings changes and bond returns. Results for the cross-sectional variation of the association between earnings changes and bond returns (ERC) suggest that the ERC is positively related to bond default risk measured by bond ratings and negatively related to firm size measured by the market value of common shares outstanding.en_US
dc.typetexten_US
dc.typeDissertation-Reproduction (electronic)en_US
thesis.degree.namePh.D.en_US
thesis.degree.leveldoctoralen_US
thesis.degree.disciplineBusiness Administrationen_US
thesis.degree.disciplineGraduate Collegeen_US
thesis.degree.grantorUniversity of Arizonaen_US
dc.contributor.advisorDhaliwal, Dan S.en_US
dc.contributor.committeememberSalatka, William K.en_US
dc.contributor.committeememberStice, E. Kayen_US
dc.contributor.committeememberSchatzberg, John D.en_US
dc.identifier.proquest8919039en_US
dc.identifier.oclc702663600en_US
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