Environmental Liabilities, Bond Ratings, and Bond Yields

Advances in Environmental Accounting and Management

Volumn 3, Issue , 2006, Pages 111-142

  Graham, Allan ^a   Maher, John J ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 47049122245     PISSN: 14793598     EISSN: None     Source Type: Book Series    
DOI: 10.1016/S1479-3598(06)03004-4     Document Type: Review

References (36)

1. Backmon I.R., and Vickery D.W. An empirical examination of the relationship between bond risk premiums and loss contingency disclosures. Journal of Accounting, Auditing and Finance 14 (1997) 179-198
2. Bae B., and Sami H. The effect of potential environmental liabilities on earnings response coefficients. Journal of Accounting, Auditing and Finance 20 (2005) 43-70
3. Barth M.E., and McNichols M.F. Estimation and market valuation of environmental liabilities relating to Superfund sites. Journal of Accounting Research 32 Supplement (1994) 177-209
4. Barth M.E., McNichols M.F., and Wilson P. Factors influencing firms' disclosures about environmental liabilities. Review of Accounting Studies 2 (1997) 35-64
5. Blacconiere W.G., and Northcut W.D. Environmental information and market reactions to environmental legislation. Journal of Accounting, Auditing and Finance 14 (1997) 149-178
6. Campbell K., Sefcik S.E., and Soderstrom N.S. Site uncertainty, allocation uncertainty, and Superfund liability valuation. Journal of Accounting and Public Policy 17 (1998) 331-366
7. Congressional Budget Office. The total costs of cleaning up nonfederal Superfund sites (1994), CBO, Washington, DC
8. Crabbe L.E. Event risk: An analysis of losses to bondholders and "super poison put" bond covenants. Journal of Finance 46 (1991) 689-706
9. Crabbe L.E., and Nikoulis P. The putable bond market: Structure, historical experience, and strategies. Journal of Fixed Income 7 December (1997) 47-60
10. Crabbe L.E., and Turner C.M. Does the liquidity of a debt issue increase with its size? Evidence from the corporate bond and medium-term note markets. Journal of Finance 50 (1995) 1719-1734
11. Datta S., Iskarandar-Datta M., and Patel A. The pricing of initial public offers of corporate straight debt. Journal of Finance 52 (1997) 379-396
12. DeRosa-Farag S., Blau J., Matousek P., and Chandra I. Default rates in the high-yield market. Journal of Fixed Income 9 June (1999) 7-31
13. Ederington L.H., Yawitz J.B., and Roberts B.E. The informational content of bond ratings. Journal of Financial Research 10 (1987) 211-226
14. Federal Reserve Board (2000). Federal reserve statistical release H.15: Selected interest rates. http://www.federalreserve.gov/releases/H15/data.htm (5/1/00).
15. Fisher L. Determinants of risk premiums on corporate bonds. Journal of Political Economy 68 3 (1959) 217-237
16. Gamble G.O., Hsu K., Kite D., and Radtke R.R. Environmental disclosures in annual reports and 10Ks: An examination. Accounting Horizons 9 3 (1995) 34-54
17. Graham A., Maher J.J., and Northcut W.D. Environmental liability information and bond ratings. Journal of Accounting, Auditing and Finance 16 Spring (2001) 93-116
18. Helwege J. How long do junk bonds spend in default?. Journal of Finance 54 (1999) 341-357
19. Jewell J., and Livingston M. Split ratings, bond yields, and underwriter spreads. Journal of Financial Research 21 (1998) 185-204
20. Kalotay A.J., and Abreo L.A. Putable/callable/reset bonds: Intermarket arbitrage with unpleasant side effects. Journal of Derivatives Summer 6 4 (1999) 88-93
21. Kaplan R.S., and Urwitz G. Statistical models of bond ratings: A methodological inquiry. Journal of Business 52 (1979) 231-262
22. Lamy R.E., and Thompson G.R. Risk premia and the pricing of primary issue bonds. Journal of Banking and Finance 12 (1988) 585-601
23. Levitt, A. (1998). Chairman Levitt announces action plan to improve quality of corporate financial reporting, Accessed on 10/6/1998, http://www.sec.gov/news/qualrpt.htm. SEC.
24. Li Y., Richardson G.D., and Thornton D.B. Corporate disclosure of environmental liability information: Theory and evidence. Contemporary Accounting Research 14 Fall (1997) 435-474
25. Maher J.J. Pension obligations and the bond credit market: An empirical analysis of accounting numbers. The Accounting Review 62 (1987) 785-798
26. Maher J.J., and Thompson G.R. The influence of pension obligations and other postretirement benefits on primary bond pricing. Journal of Applied Business Research 14 (1997) 95-108
27. Mitchell, L. B. (1997). The impact of accounting and disclosure choice: Lessons from Superfund. Unpublished doctoral dissertation, Columbia University, New York.
28. Moody's Investors Service (1995-1998). Moody's annual bond record special edition. New York, NY: Moody's.
29. Northcut, W. D. (1997). Market valuation of environmental liabilities relating to Superfund sites: Additional evidence. Unpublished working paper, University of Chicago.
30. Reiter S.A., and Ziebart D.A. Bond yields, ratings, and financial information: Evidence from public utility issues. The Financial Review 26 February (1991) 45-73
31. Securities and Exchange Commission (SEC) (1993). Accounting and disclosure relating to loss contingencies staff accounting, Bulletin no. 92. Washington, DC, SEC.
32. Standard and Poor's (1998). Corporate ratings criteria. New York, NY: McGraw-Hill Companies.
33. Stanny E. Effect of regulation on changes in disclosure of and reserved amounts for environmental liabilities. Journal of Financial Statement Analysis 3 4 (1998) 34-49
34. Teoh S.H., and Wong T.J. Why new issues and high-accrual firms underperform: The role of analysts' credulity. Review of Financial Studies 15 (2002) 869-900
35. Walden W.D., and Schwartz B.N. Environmental disclosures and public policy pressures. Journal of Accounting and Public Policy 16 (1997) 125-154
36. Ziebart D.A., and Reiter S.A. Bond ratings, bond yields and financial information. Contemporary Accounting Research 9 (1992) 252-282