کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
961531 1478938 2016 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Dissecting the bond profitability premium
ترجمه فارسی عنوان
تخصیص حق بیمه سودآوری باند
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
In contrast to prior equity market results, we document that corporate bonds issued by low profitability firms outperform bonds issued by highly profitable firms. This performance difference is primarily driven by low profitability, low credit rating firms. This profitability premium is consistent with compensation for default risk and can be explained by default risk factors that include speculative-grade bonds. The impact of profitability on equity returns depends on the relative importance of default risk and the risk of the firm׳s investments when solvent, consistent with higher profitability signaling both lower future distress and riskier investments resulting in higher discount rates.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Markets - Volume 27, January 2016, Pages 102-131
نویسندگان
, , ,