Matches in SemOpenAlex for { <https://semopenalex.org/work/W1970169841> ?p ?o ?g. }
Showing items 1 to 48 of
48
with 100 items per page.
- W1970169841 endingPage "94" @default.
- W1970169841 startingPage "94" @default.
- W1970169841 abstract "The quality and volume of bond supply may vary over the business cycle as a result of increased default risk and investor risk perceptions. During, recessions, default risk increases for those issuers whose operating cash flows follow the business cycle. Reduced cash flow impairs the firm's ability to cover the payment of interest and principal for a new issue. These firms have lower quality bond issues and tend to postpone their issues. Investor risk perceptions also change during recessions. Individuals become more risk averse during recessions as their wealth decreases and they eschew lower quality for higher quality issues or demand higher yields for the lower quality issues.2 The reduced demand andlor higher yields for lower quality issues tend to decrease the supply of these issues. By using bond supply segregated by credit ratings, Professors Ferri and Martin fail to measure these effects properly. Credit ratings are discrete, subjective judgments of relative credit quality status sold by rating agencies. Since these rating agencies use financial data supplied by the firm to rate the issue, credit ratings lag economic activity and the number of bonds reclassified because of business cycle changes is small.3 The implicit assumption that default risk is constant within a rating class biases any evidence of an association between the business cycle and supply by rating ratios. An example illustrates the potential for bias. Professors Ferri and Martin report that ratio 1 (bonds rated Aa and lowerlall bonds) averages 92% and 8(3% g4" @default.
- W1970169841 created "2016-06-24" @default.
- W1970169841 creator A5065257470 @default.
- W1970169841 date "1981-01-31" @default.
- W1970169841 modified "2023-09-26" @default.
- W1970169841 title "The Cyclical Pattern in Corporate Bond Supply" @default.
- W1970169841 doi "https://doi.org/10.3905/jpm.1981.408795" @default.
- W1970169841 hasPublicationYear "1981" @default.
- W1970169841 type Work @default.
- W1970169841 sameAs 1970169841 @default.
- W1970169841 citedByCount "0" @default.
- W1970169841 crossrefType "journal-article" @default.
- W1970169841 hasAuthorship W1970169841A5065257470 @default.
- W1970169841 hasConcept C10138342 @default.
- W1970169841 hasConcept C144133560 @default.
- W1970169841 hasConcept C162324750 @default.
- W1970169841 hasConcept C2780999293 @default.
- W1970169841 hasConcept C556758197 @default.
- W1970169841 hasConcept C69738904 @default.
- W1970169841 hasConcept C73283319 @default.
- W1970169841 hasConceptScore W1970169841C10138342 @default.
- W1970169841 hasConceptScore W1970169841C144133560 @default.
- W1970169841 hasConceptScore W1970169841C162324750 @default.
- W1970169841 hasConceptScore W1970169841C2780999293 @default.
- W1970169841 hasConceptScore W1970169841C556758197 @default.
- W1970169841 hasConceptScore W1970169841C69738904 @default.
- W1970169841 hasConceptScore W1970169841C73283319 @default.
- W1970169841 hasIssue "2" @default.
- W1970169841 hasLocation W19701698411 @default.
- W1970169841 hasOpenAccess W1970169841 @default.
- W1970169841 hasPrimaryLocation W19701698411 @default.
- W1970169841 hasRelatedWork W1995659075 @default.
- W1970169841 hasRelatedWork W2252592837 @default.
- W1970169841 hasRelatedWork W2392184353 @default.
- W1970169841 hasRelatedWork W2904921905 @default.
- W1970169841 hasRelatedWork W2962865512 @default.
- W1970169841 hasRelatedWork W3094238932 @default.
- W1970169841 hasRelatedWork W3123091440 @default.
- W1970169841 hasRelatedWork W3125515913 @default.
- W1970169841 hasRelatedWork W3125594349 @default.
- W1970169841 hasRelatedWork W4235328288 @default.
- W1970169841 hasVolume "7" @default.
- W1970169841 isParatext "false" @default.
- W1970169841 isRetracted "false" @default.
- W1970169841 magId "1970169841" @default.
- W1970169841 workType "article" @default.