What does Nasdaq's high-yield bond market reveal about bondholder-stockholder conflicts?

被引：30

作者：

Alexander, GJ ^{[1
]}

Edwards, AK ^{[1
]}

Ferri, MG ^{[1
]}

机构：

[1] George Mason Univ, Fairfax, VA 22030 USA

来源：

FINANCIAL MANAGEMENT | 2000年 / 29卷 / 01期

关键词：

D O I：

10.2307/3666359

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use data from Nasdaq's FIPS system for reporting transactions in selected high-yield corporate bonds to investigate the relationship between the returns on a firm's stock and the returns on its publicly traded, high-yield debt. Regression models and analysis of the behavior of the returns around events associated with agency conflict show that the returns follow complex patterns of similarity, and divergence. Positive co-movement is the dominant form of the relationship, but opposite movement of the bond and stock returns around those events indicates agency conflicts between bondholders and stockholders.

引用

页码：23 / 39

页数：17

共 36 条

[1] Day-of-the-week patterns in volume and prices of Nasdaq high-yield bonds -: New ways to capitalize on information. [J].