Moody's Bond Survey - Definition
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Academic Research on Moody's Bond Survey Announcement effects ofMoody's bondrating changes on equity returns, Glascock, J. L., Davidson III, W. N., & Henderson Jr, G. V. (1987). Announcement effects of Moody's bond rating changes on equity returns.Quarterly Journal of Business and Economics, 67-78. This paper examines stock return behavior around the announcement date of a bond rating change by Moody's Bond Service. Moody T s data are used to clarify the announcement day. The results show that equity returns react around bond reratings. Is abondrating downgrade bad news, good news, or no news for stockholders?, Goh, J. C., & Ederington, L. H. (1993). Is a bond rating downgrade bad news, good news, or no news for stockholders?.The Journal of Finance,48(5), 2001-2008. This study examines the reaction of common stock returns to bond rating changes. The paper finds that downgrades associated with deteriorating financial prospects convey new negative information to the capital market, but that downgrades due to changes in firms' leverage do not. The adjustment of stock prices tobondrating changes, Pinches, G. E., & Singleton, J. C. (1978). The adjustment of stock prices to bond rating changes.The Journal of Finance,33(1), 29-44. The information content of municipalbondrating changes: A note, Ingram, R. W., Brooks, L. D., & COPELAND*, R. M. (1983). The information content of municipal bond rating changes: A note.The Journal of Finance,38(3), 997-1003. This paper explores the risk structure of interest rates. The focus is on whether yields on industrial bonds indicate that market participants base their evaluations of a bond issue's default risk on agency ratings or on publicly available financial statistics. The paper also asks whether the market views Moody's and Standard and Poor's ratings as equally reliable measures of risk or whether the market attaches more weight to one agency's ratings than the other. Onbondratings and pension obligations: a note, Martin, L. J., & Henderson, G. V. (1983). On bond ratings and pension obligations: a note.Journal of Financial and Quantitative Analysis,18(4), 463-470. Split ratings andbondreoffering yields, Billingsley, R. S., Lamy, R. E., Marr, M. W., & Thompson, G. R. (1985). Split ratings and bond reoffering yields.Financial Management, 59-65. This paper examines the relationship between split ratings and bond reoffering yields. Using a sample of industrial bonds, the study finds that primary issue bonds that receive different (split) ratings from Moody's and Standard and Poor's are sold with reoffering yields more similar to the lower of the two ratings. The study, however, finds no evidence that the specific agency granting the higher or lower rating is a significant factor. The effect ofbondrating agency announcements onbondand stock prices, Hand, J. R., Holthausen, R. W., & LEFTWICH*, R. W. (1992). The effect of bond rating agency announcements on bond and stock prices.The journal of finance,47(2), 733-752. This paper examines daily excess bond returns associated with announcements of additions to Standard and Poor's Credit Watch List, and to rating changes by Moody's and Standard and Poor's. Split ratings,bondyields, and underwriter spreads, Jewell, J., & Livingston, M. (1998). Split ratings, bond yields, and underwriter spreads.Journal of Financial Research,21(2), 185-204. This paper analyses the events that leads to the occurence of a split bond rating. Poison putbonds: An analysis of their economic role, Cook, D. O., & Easterwood, J. C. (1994). Poison put bonds: An analysis of their economic role.The Journal of Finance,49(5), 1905-1920. This article examines the effect of issuing debt with and without "poison put" covenants on outstanding debt and equity claims for the period 1988 to 1989. The analysis shows that "poison put" covenants affect stockholders negatively and outstanding bondholders positively, while debt issued without such covenants has no effect. Bondratings,bondyields and financial information, Ziebart, D. A., & Reiter, S. A. (1992). Bond ratings, bond yields and financial information.Contemporary Accounting Research,9(1), 252-282. This study expands the knowledge of fundamental connections of the role of accounting by investigating whether bond ratings have a direct impact on bond yields and how accounting information impacts the bond yieldsdirectly, or indirectly through the bond ratings. The sample used in this study consists of 189 new issue industrial bonds rated by both Standard & Poor's and Moody's that were issued from 1981 through 1985.