The Effect of Municipal Bond Rating Change Announcements on Seasoned Bond Prices PDF Download
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Author: Barry R. Marks
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Languages : en
Pages :
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In the municipal bond market, announcements of changes in general obligation bond ratings by the rating agencies are typically made concurrently with announcements of new bond issues. Hence, prior research on the information content of municipal bond rating change announcements is subject to the possible confounding effects of concurrent announcements of new bond issues. Jantscher ( 1970) concluded that bonds sell at prices that reflect rating changes prior to the actual change announcement. Ingram et al. (1983), on the other hand, report that municipal bond prices respond contemporaneously to rating change announcements, i.e., that the market is not able to anticipate rating revisions. However, since Ingram et al. (1983) did not control for the potential information effects of concurrent new issues, their results could be misleading, whereas Jantscher only examined new issues. This paper examines the effect of rating change announcements on municipal seasoned bond prices after controlling for the potentially confounding effects of new bond issues.
Author: Barry R. Marks
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ISBN:
Category :
Languages : en
Pages :
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Book Description
In the municipal bond market, announcements of changes in general obligation bond ratings by the rating agencies are typically made concurrently with announcements of new bond issues. Hence, prior research on the information content of municipal bond rating change announcements is subject to the possible confounding effects of concurrent announcements of new bond issues. Jantscher ( 1970) concluded that bonds sell at prices that reflect rating changes prior to the actual change announcement. Ingram et al. (1983), on the other hand, report that municipal bond prices respond contemporaneously to rating change announcements, i.e., that the market is not able to anticipate rating revisions. However, since Ingram et al. (1983) did not control for the potential information effects of concurrent new issues, their results could be misleading, whereas Jantscher only examined new issues. This paper examines the effect of rating change announcements on municipal seasoned bond prices after controlling for the potentially confounding effects of new bond issues.
Author: Earl R. Wilson
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Languages : en
Pages :
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Prior studies have shown that seasoned municipal bond prices exhibit a marked increase in variability during the period of new bond issues by the same municipality. Those studies did not attempt, however, to determine whether accounting information was part of the total information being assimilated into the seasoned bond prices. This issue is of substantial policy interest given the SEC's recent rule barring dealers from underwriting new issues unless the issuer agrees to provide continuing disclosure to investors. The SEC acted following growing concern about poor disclosure in the municipal bond secondary market. This study provides evidence that accounting measures believed to be important to bond investors are significantly associated with returns on the seasoned bonds of infrequent issuers during a new issue but not during two control nonevent periods. No associations were found for frequent issuers.
Author: Paul G. Farnham
Publisher:
ISBN:
Category : Municipal bonds
Languages : en
Pages : 110
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Author:
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Category : Municipal bonds
Languages : en
Pages : 408
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Author: Jay Shafritz
Publisher: Routledge
ISBN: 0429703996
Category : Political Science
Languages : en
Pages : 658
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This is the first volume of a four-volume encyclopaedia which combines public administration and policy and contains approximately 900 articles by over 300 specialists. This Volume covers entries from A to C. It covers all of the core concepts, terms and processes of applied behavioural science, budgeting, comparative public administration, develo
Author: John Eatwell
Publisher: Springer
ISBN: 1349117218
Category : Business & Economics
Languages : en
Pages : 869
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Book Description
The first reference work ever to be awarded the Eccles Prize for Excellence in Economic Writing from Columbia Business School. Continuing in the tradition of The New Palgrave , this 3-volume set provides an unparalleled guide to modern money, banking and finance. In over 1,000 substantial essays by leading academic and professional authorities, it provides the most comprehensive analysis available of contemporary theory and the fast-evolving global monetary and financial framework. In its scope and depth of coverage, it is indispensable for the academic and practitioner alike.
Author: P A Copley P a
Publisher: JAI Press
ISBN: 9780762301690
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
The purpose of Research in Governmental and Nonprofit Accounting is to stimulate and report high-quality research on a wide range of governmental and nonprofit accounting issues. A number of papers appearing in Volume 10 differ from much of our existing empirical work. The Bento and White and Copley and Seay studies use time-series data over relatively long intervals. In the case of the Sneed and Sneed and Elder, Kattelus, and Douthett studies, the authors use methodologies which have not been employed in previous studies in either the public or private sector. To the extent that these methodologies permit investigation of previously unexplored issues, the papers will be of interest to researchers outside of the governmental and nonprofit area. Governmental and nonprofit accounting represents an undeveloped research area which would benefit from rigorous examination. The government and not-for-profit sectors are also becoming increasingly attractive research areas. There are new standards of reporting for not-for-profit entities and a proposal for a dramatic change in state and local government financial statements. Change is always an opportunity for new research. As evidenced by the Forgione chapter, data exists and is becoming increasingly available.
Author: Joseph W. Conard
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 168
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Category : Business
Languages : en
Pages : 484
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Author:
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ISBN:
Category :
Languages : en
Pages : 852
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