Governance Mechanisms, Incentive Alignment, and Bond Market Reaction

2010 ◽  
Author(s):  
Steve Fortin ◽  
Chandra Subramaniam ◽  
Frank Wang ◽  
Sanjian Bill Zhang
Keyword(s):  
Market Reaction ◽  
Bond Market ◽  
Governance Mechanisms ◽  
Incentive Alignment

BOND MARKET REACTION TO STOCK REPURCHASES: IS THERE A WEALTH TRANSFER EFFECT?

2011 ◽  
Vol 34 (3) ◽  
pp. 503-522 ◽  
Author(s):  
Takeshi Nishikawa ◽  
Andrew K. Prevost ◽  
Ramesh P. Rao
Keyword(s):  
Market Reaction ◽  
Transfer Effect ◽  
Bond Market ◽  
Stock Repurchases ◽  
Wealth Transfer

The Timeliness of the Bond Market Reaction to Bad Earnings News

2014 ◽  
Vol 31 (3) ◽  
pp. 911-936 ◽  
Author(s):  
Mark L. Defond ◽  
Jieying Zhang
Keyword(s):  
Market Reaction ◽  
Bond Market

Was the Sarbanes-Oxley Act Good News for Corporate Bondholders?

2011 ◽  
Vol 25 (3) ◽  
pp. 465-485 ◽  
Author(s):  
Mark L. DeFond ◽  
Mingyi Hung ◽  
Emre Carr ◽  
Jieying Zhang
Keyword(s):  
Market Reaction ◽  
Bond Market ◽  
Significant Decline ◽  
Bad News ◽  
Good News ◽  
Primary Analysis ◽  
Cross Sectional ◽  
Sarbanes Oxley ◽  
The Impact ◽  
Bondholder Value

SYNOPSIS We investigate the impact of the Sarbanes-Oxley Act (SOX) on corporate bondholder value by examining the bond market reaction to news events leading up to the passage of SOX. The net impact of SOX on bondholder value is difficult to predict, and there are many reasons why it may be viewed as either good or bad news. Our primary analysis reveals a significant decline in average bondholder value around these events. In addition, cross-sectional tests find that the decline is significantly larger among riskier bonds and among bonds held by firms that are expected to experience the greatest changes under SOX. Thus, our findings are consistent with the bond market expecting the exogenously imposed changes under SOX to make bondholders worse off.

Bond Market Reaction to Untimely Filings of 10-K and 10-Q Reports

2017 ◽  
Author(s):  
Samer Khalil ◽  
Sattar Mansi ◽  
Mohamad Mazboudi ◽  
Andrew (Jianzhong) Zhang
Keyword(s):  
Market Reaction ◽  
Bond Market
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