Titlebar

Bibliografische Daten exportieren
Literatur vom gleichen Autor
plus auf ERef Bayreuth
plus bei Google Scholar

 

Information Signals And Financial Distress In The Corporate Debt Market

Titelangaben

Loy, Thomas:
Information Signals And Financial Distress In The Corporate Debt Market.
2015
Veranstaltung: 38th Annual Congress of the European Accounting Association , 28.-30.04.2015 , Glasgow, UK.
(Veranstaltungsbeitrag: Kongress/Konferenz/Symposium/Tagung , Paper )

Abstract

This study extends recent research in the corporate debt market by investigating the use and importance of (accounting) information signals and its association to the level of financial distress inherent in the debt market. Controlling for the presence of systematic risk and private information of credit rating agencies, we provide evidence that accounting accruals and cash flows are not associated with corporate bond returns during periods characterized by a low level of financial distress. However, using a point estimate of the conditional mean of annual bond returns, we find a positive and significant association of accounting accruals and equity book value with annual bond returns during financial distress periods, such as the recent global financial crisis (GFC). Additionally, using a semi-parametric technique to include conditional quantiles of bond returns, we show that the rate of change in the regression coefficients is dependent on the distribution of bond returns. Our results suggest that debt market investors base their investment decisions on credible accounting-based measures (i.e., accruals and leverage information extracted from 10-K financial statements) during financial distress periods, but on average neglect accounting information if the financial distress in the market is negligible.

Weitere Angaben

Publikationsform: Veranstaltungsbeitrag (Paper)
Begutachteter Beitrag: Ja
Keywords: Bond market; Financial distress; Information signals
Institutionen der Universität: Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Betriebswirtschaftslehre > Juniorprofessur Wirtschaftsprüfung > Juniorprofessur Wirtschaftsprüfung - Juniorprof. Dr. Thomas Loy
Profilfelder > Emerging Fields > Governance and Responsibility
Fakultäten
Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät
Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Betriebswirtschaftslehre
Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Betriebswirtschaftslehre > Juniorprofessur Wirtschaftsprüfung
Profilfelder
Profilfelder > Emerging Fields
Titel an der UBT entstanden: Ja
Themengebiete aus DDC: 300 Sozialwissenschaften > 330 Wirtschaft
Eingestellt am: 15 Jun 2015 08:29
Letzte Änderung: 15 Jun 2015 08:29
URI: https://eref.uni-bayreuth.de/id/eprint/14960