東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Three essays on corporate bonds.

Wang, Wei.

FindBook

Google Book

Amazon

博客來

Three essays on corporate bonds.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Three essays on corporate bonds./
作者:	Wang, Wei.
面頁冊數:	183 p.
附註:	Source: Dissertation Abstracts International, Volume: 67-06, Section: A, page: 2265.
Contained By:	Dissertation Abstracts International67-06A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NR15531
ISBN:	9780494155318

Three essays on corporate bonds.
Wang, Wei.

Three essays on corporate bonds. - 183 p.

Source: Dissertation Abstracts International, Volume: 67-06, Section: A, page: 2265.

Thesis (Ph.D.)--Queen's University (Canada), 2006.

This thesis focuses on several aspects in the area of credit risk and corporate public borrowing decisions.

ISBN: 9780494155318Subjects--Topical Terms:

626650
Economics, Finance.

Three essays on corporate bonds.
LDR:02850nam 2200277 a 45 001 973804
005 20110928
008 110928s2006 eng d
020 $a 9780494155318
035 $a (UnM)AAINR15531
035 $a AAINR15531
040 $a UnM $c UnM
100 1 $a Wang, Wei. $3 895950
245 1 0 $a Three essays on corporate bonds.
300 $a 183 p.
500 $a Source: Dissertation Abstracts International, Volume: 67-06, Section: A, page: 2265.
502 $a Thesis (Ph.D.)--Queen's University (Canada), 2006.
520 $a This thesis focuses on several aspects in the area of credit risk and corporate public borrowing decisions.
520 $a The first essay studies the performance of structural credit risk models by comparing the default probabilities calculated from these models for different time horizons. The parameters of the underlying models are estimated from corporate bond and equity prices. Our results show that when the maximum likelihood estimation is used, Merton (1974) under-estimates default probabilities of investment-grade firms while over-estimating for speculative-grade firms. The models of Longstaff and Schwartz (1995) as well as Leland and Toft (1996) provide faily reasonable predictions for default probabilities when compared to those reported by Moody's and S&P. However, Collin-Dufresne and Goldstein (2001) predicts unreasonably high default probabilities for longer time horizons for both low and high credit quality bonds.
520 $a The second essay examines the role that credit ratings play in the timing of corporate debt issues. Our empirical results show that both rating levels and rating changes are important to the timing of corporate public debt decisions. Firms tend to issue debt after receiving rating upgrades and rating downgrades are more likely to follow after issuance. In addition, firms that are assigned stronger than expected ratings given their financial fundamentals are more likely to issue debt.
520 $a In the third essay, we study whether the corporate debt maturity choice at issuance is tied to the predictability in rating migrations subsequent to issuance. Our results show that firms are more likely to issue short term debt when they expect their credit quality to improve and issue longer maturity debt when they anticipate receiving rating downgrades. This provides evidence that is consistent with both the signaling theory (Flannery, 1986) and the market timing hypothesis (Baker et al., 2003) of debt maturity choice. We also find that longer maturity debt issuers are likely to be those firms that have received higher than expected ratings.
590 $a School code: 0283.
650 4 $a Economics, Finance. $3 626650
690 $a 0508
710 2 0 $a Queen's University (Canada). $3 1017786
773 0 $t Dissertation Abstracts International $g 67-06A.
790 $a 0283
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NR15531