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dc.contributor.authorAnderson, Steven Ten_NZ
dc.identifier.citationAnderson, S. T. (2006, January). Earnings and dividend information conveyed by changes in a firm’s corporate bond rating (Thesis). Retrieved from
dc.description.abstractThis research investigates the information conveyed by corporate bond rating changes relating to a firm's future earnings and dividends. Consistent with previous findings, announcements of bond rating downgrades met with negative abnormal stock price returns, while no abnormal stock price returns were observed around announcements of rating upgrades. This change in stock price, at the announcement of a downgrade, suggests that investors construe rating changes as providing information regarding firm value. Contrary with expectations, bond rating downgrades did not appear to signal a decline in future earnings; rather, earnings tended to increase following a rating downgrade. However, firms with bond rating downgrades decrease subsequent dividend payments, although investors did not revise their forecasts of future dividends at the time of the bond rating change.en_NZ
dc.subjectfuture earningsen_NZ
dc.subjectstock marketen_NZ
dc.subjectstock price dividenden_NZ
dc.subject.lcshHG Financeen_NZ
dc.titleEarnings and dividend information conveyed by changes in a firm's corporate bond ratingen_NZ
otago.schoolFinanceen_NZ of Otagoen_NZ Thesesen_NZ
otago.openaccessAbstract Only
dc.identifier.eprints326en_NZ & Quantitative Analysisen_NZ
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