The Information Content of Commercial Paper Rating Downgrades: Further Evidence

Journal of Accounting, Auditing & Finance

Volumn 13, Issue 4, 1998, Pages 417-435

  Chandra, Uday ^a   Nayar, Nandkumar ^b  

^a UNIVERSITY OF OKLAHOMA   (United States)

^b UNIVERSITY OF OKLAHOMA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84990328724     PISSN: 0148558X     EISSN: None     Source Type: Journal    
DOI: 10.1177/0148558X9801300403     Document Type: Article

References (34)

1. Abken Peter A. 1981. “Commercial Paper.” Federal Reserve Bank of Richmond Economic Review (March-April): 11–21.
2. Baginski Stephen P. 1987. “Intiaindustry Information Transfers Associated with Management Forecasts of Earnings.” Journal of Accounting Research 25 (Autumn): 196–216.
3. Bartov Eli. 1991. “Open-Market Stock Repurchases as Signals for Earnings and Risk Changes.” Journal of Accounting and Economics 14 (June): 275–294.
4. Beaver William H. Paul Kettler Myron Scholes. 1970. “The Association between Market Determined and Accounting Determined Risk Measures.” The Accounting Review 45 (October): 654–682.
5. Brous Peter A. 1992. “Common Stock Offerings and Earnings Expectations: A Test of the Release of Unfavorable Information.” Journal of Finance 47 (September): 1517–1536.
6. Calomiris Charles W. Charles P. Himmelberg Paul Wachtel. 1995. “Commercial Paper, Corporate Finance and the Business Cycle: A Microeconomic Perspective.” Carnegie-Rochester Conference Series on Public Policy 42: 203–250.
7. Cantor Robert Frank Packer. 1995. “The Credit Rating Industry.” The Journal of Fixed Income 5 (December): 10–34.
8. Christie Andrew. 1987. “On Cross-sectional Analysis in Accounting Research.” Journal of Accounting and Economics 9 (December): 231–258.
9. Cornell Bradford Wayne Landsman Alan C. Shapiro. 1989. “Cross-Sectional Regularities in the Response of Stock Prices to Bond Rating Changes.” Journal of Accounting, Auditing & Finance 4 (Fall): 460–479.
10. Crabbe Leland Mitchell A. Post. 1994. “The Effect of a Rating Downgrade on Commercial Paper Outstandings.” Journal of Finance 49 (March): 39–56.
11. Denis David J. Gregory B. Kadlec. 1994. “Corporate Events, Trading Activity, and the Estimation of Systematic Risk: Evidence from Equity Offerings and Share Repurchases.” Journal of Finance 49 (December): 1787–1811.
12. Fons Jerome S. Karl Bergqwist. 1994. “Commercial Paper Defaults 1970–1993.” Moody's Special Report.
13. Fons Jerome S. Andrew E. Kimball. 1992. “Defaults and Orderly Exits of Commercial Paper Issuers.” Moody's Special Report.
14. Foster George. 1981. “Intra-Industry Information Transfers Associated with Earnings Releases.” Journal of Accounting and Economics 3 (December): 201–232.
15. Francis Jennifer Donna Philbrick. 1993. “Analysts’ Decisions as Products of a Multi-Task Environment.” Journal of Accounting Research 31 (Autumn): 216–230.
16. Goh Jeremy C. Louis H. Ederington. 1993. “Is a Bond Rating Downgrade Bad News, Good News, or No News for Stockholders.” Journal of Finance 48 (December): 2001–2008.
17. Hand John R. Robert W. Holthausen Richard W. Leftwich. 1992. “The Effect of Bond Rating Changes on Bond and Stock Prices.” Journal of Finance 47 (June): 733–752.
18. Hertzel Michael Prem C. Jain. 1991. “Earnings and Risk Changes Around Stock Repurchase Tender Offers.” Journal of Accounting and Economics 14 (September): 253–274.
19. Holthausen Robert W. Richard W. Leftwich. 1986. “The Effect of Bond Rating Changes on Common Stock Prices.” Journal of Financial Economics 17 (September): 57–89.
20. Kahle Kathleen M. Ralph A. Walkling. 1996. “The Impact of Industry Classifications on Financial Research.” Journal of Financial and Quantitative Analysis 31 (September): 309–335.
21. Mikkelson Wayne H. Partch Megan M. 1986. “Valuation Effects of Security Offerings and the Issuance Process.” Journal of Financial Economics 15 (January-February): 31–60.
22. Nayar Nandkumar Michael S. Rozeff. 1994. “Commercial Paper, Ratings and Equity Returns.” Journal of Finance 49 (September): 1431–1449.
23. Ofer Aharon R. Daniel R. Siegel. 1987. “Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends.” Journal of Finance 42 (September): 889–911.
24. O'Brien Patricia. 1988. “Analysts’ Forecasts as Earnings Expectations.” Journal of Accounting and Economics 10 (January): 53–83.
25. Post Mitchell A. 1992. “The Evolution of the U.S. Commercial Paper Market Since 1980.” Federal Reserve Bulletin (December): 879–891.
26. Ramnath S. 1996. “Earnings Related Information Transfers and Revisions in Earnings Expectations.” Working Paper, Pennsylvania State University.
27. Rose Peter S. 1985. “Money and Capital Markets.” Business Publications Inc., Texas.
28. Schnure Calvin D. 1994. “Debt Maturity Choice and Risk-free Assets: The ‘Clientele Effect’ and the Commercial Paper Market.” Finance and Economics Series Discussion Paper, Washington, D.C.: Federal Reserve Board.
29. Shastri Karen A. Kuldeep Shastri. 1995. “The Information Content of Calls of Convertible Preferreds: The Evidence from Earnings Forecasts.” Journal of Accounting, Auditing and Finance 11 (Fall): 607–622.
30. Stickel Scott E. 1986. “The Effect of Preferred Stock Rating Changes on Preferred and Common Stock Prices.” Journal of Accounting and Economics 8 (October): 197–215.
31. Stickel Scott E. 1989. “The Timing and Incentives for Annual Earnings Forecasts Near Interim Earnings Announcements.” Journal of Accounting and Economics 11 (July): 275–292.
32. Stickel Scott E. 1990. “Predicting Individual Analyst Earnings Forecasts.” Journal of Accounting Research 28 (Autumn): 409–417.
33. Stigum Marcia. 1983. The Money Market. Homewood, Ill.: Dow Jones-Irwin.
34. Wakeman L. McDonald. 1984. “The Real Function of Bond Rating Agencies.” In The Modern Theory of Corporate Finance, Michael C. Jensen Clifford W. Smith Jr. New York: McGraw-Hill.