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This article studies how collateral affects bond yields. Using a large data set of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between managers and claim holders explains this puzzling...
Persistent link: https://www.econbiz.de/10005832966
This paper studies how collateral affects bond yields. Using a large dataset of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between managers and claimholders explains this puzzling result...
Persistent link: https://www.econbiz.de/10005237057
Persistent link: https://www.econbiz.de/10005478154
Persistent link: https://www.econbiz.de/10010724271
This study considers the behaviour of the size, price earnings and book value anomalies in smaller firms. It does so by first separately, and then simultaneously, examining the effect of all three firm variables in the Australian stock market, where large firms are no bigger than the smaller...
Persistent link: https://www.econbiz.de/10010769256
This paper provides further evidence on short-term seasonals in returns on equity and fixed interest securities and futures on fixed interest securities in the Australian market. The significant result is that daily seasonals are found infixed interest securities and are qualitatively the same...
Persistent link: https://www.econbiz.de/10010769487
This paper develops a theory of mergers and divestitures wherein the motivation for mergers stems from the inability to finance marginally profitable, possibly short-horizon projects as stand-alone entities due to agency problems between managers and potential claimholders. A conglomerate merger...
Persistent link: https://www.econbiz.de/10005661408
We generate samples of fund returns calibrated to match the U.S. mutual fund industry and simulate standard tests of performance persistence. We consider a variety of alternative return generating processes, survival criteria, and test methodologies. When survival depends on performance over...
Persistent link: https://www.econbiz.de/10005663547
Persistent link: https://www.econbiz.de/10005371441
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