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Determinants of Interest Rates on Corporate Bonds of Mining Enterprises

Determinants of Interest Rates on Corporate Bonds of Mining Enterprises ReferencesAitegroup 2015. http://www.aitegroup.com/report/nationally-recognized-tatistical-ratings-organizations-nothing-lasts-forever.Alissa W., Bonsall IV S.B., Koharki K., Penn Jr. K.M.W., 2013. Firms’ use of accounting discretion to influence their credit ratings. Journal of Accounting and Economics 55, 2-3, April-May 2013, 129-147.Alsakka R., Gwilym O., 2012. Rating agencies’ credit signals: An analysis of sovereign watch and outlook. International Review of Financial Analysis 21, January 2012, 45-55.Ashbaugh-Skaife H., Collins D.W., LaFond R., 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42, 1-2, October 2006, 203-243.Asquith P., Au A.S., Covert T., Pathak P.A., 2013. The market for borrowing corporate bonds. Journal of Financial Economics 107, 1, January 2013, 155-182.Avramov D., Chordia T., Jostova G., Philipov A., 2009. Credit ratings and the cross-section of stock returns. Journal of Financial Markets 12, 3, August 2009, 469-499.10.1016/j.finmar.2009.01.005Bannier Ch.E., Hirsch Ch. W., 2010. The economic function of credit rating agencies – What does the watchlist tell us?. Journal of Banking & Finance 34, 12, December 2010, 3037-3049.10.1016/j.jbankfin.2010.07.002Behr P., Güttler A., 2008. The informational content of unsolicited ratings. Journal of Banking & Finance 32, 4, April 2008, 587-599.10.1016/j.jbankfin.2007.04.021Bereskin F.L., Kim B., Dongchuhl Oh. F., 2015. Do credit rating concerns lead to better corporate governance? Evidence from Korea. Pacific-Basin Finance Journal 35, Part B, November 2015, 592-608.Bissoondoyal-Bheenick E., Brooks R., 2015. The credit risk–return puzzle: Impact of credit rating announcements in Australia and Japan. Pacific-Basin Finance Journal 35, Part A, November 2015, 37-55.Bonsall IV S.B., 2014. The impact of issuer-pay on corporate bond rating properties: Evidence from Moody׳s and S&P׳s initial adoptions. Journal of Accounting and Economics 57, 2-3, April-May 2014, 89-109.Bozic V., Magazzino C., 2013. Credit Rating Agencies: The Importance of Fundamentals in the Assessment of Sovereign Ratings. Economic Analysis and Policy 43, 2, September 2013, 157-176.10.1016/S0313-5926(13)50016-6Brigham E.F., Houston J.F., 2005. Podstawy zarządzania finansami. 1. PWE Warsaw.Cantor R., Packer F., 1997. Differences of opinion and selection bias in the credit rating industry. Journal of Banking & Finance 21, 10, October 1997, p. 1395-1417.Chang J.H., Hung M.W., Tsai F.T., 2015. Credit contagion and competitive effects of bond rating downgrades along the supply chain. Finance Research Letters, In Press, Corrected Proof, Available online 24 October 2015. http://ac.els-cdn.com/S1544612315001014/1-s2.0-S1544612315001014-main.pdf?_tid=8f365068-9992-11e5-b63a-00000aab-0f26&acdnat=1449129225_ca8c3103c60b48f9a4a200a4880aef40Cheng M., Neamtiu M., 2009. An empirical analysis of changes in credit rating properties: timeliness, accuracy and volatility. Journal of Accounting and Economics 47, 108-130.Chorafas D.N., 2005. Bank loans and securitization. The Management of Bond Investments and Trading of Debt, 2005, 119-141.Fabiozzi F.J., 2000. Rynki obligacji analiza i strategie. Wydawnictwo Finansowe WIG-PRESS, Warsaw.Ferreira M.A., Gama P.M., 2007. Does sovereign debt ratings news spill over to international stock markets?. Journal of Banking & Finance 31, 10, October 2007, 3162-3182.Finra, 2015. http://finra-markets.morningstar.com.Fischer T., 2015. Market structure and rating strategies in credit rating markets – A dynamic model with matching of heterogeneous bond issuers and rating agencies. Journal of Banking & Finance 58, September 2015, 39-56.Fitch 2015. https://www.fitchratings.com.Graham J.R., Harvey C.R., 2001. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics 60, 2-3, May 2001, 187-243.10.1016/S0304-405X(01)00044-7Graham J.R., Harvey C.R., Rajgopal S., 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40, 1-3, December 2005, 3-73.Gande A., Parsley D.C., 2005. News spillovers in the sovereign debt market. Journal of Financial Economics 75, 3, March 2005, 691-734.10.1016/j.jfineco.2003.11.003Haspolat F.B., 2015. Analysis of Moody’s Sovereign Credit Ratings: Criticisms Towards Rating Agencies Are Still Valid?. Procedia Economics and Finance 30, 283-293.Henry T.R., Kisgen D.J., Wu J., 2015. Equity short selling and bond rating downgrades. Journal of Financial Intermediation 24, 1, January 2015, 89-111.Hooper V., Hume T., Kim SJ., 2008. Sovereign rating changes – Do they provide new information for stock markets?. Economic Systems 32, 2, June 2008, 142-166.Huang Y.L., Shen Ch. H., 2015. Cross-country variations in capital structure adjustment – The role of credit ratings. International Review of Economics & Finance 39, September 2015, 277-294.Ismail A., Oh S., Arsyad N., 2015. Split ratings and debt-signaling in bond markets: A note. Review of Financial Economics 24, January 2015, 36-41.Ismailescu I., Kazemi H., 2010. The reaction of emerging market credit default swap spreads to sovereign credit rating changes. Journal of Banking & Finance 34, 12, December 2010, 2861-2873.10.1016/j.jbankfin.2010.05.014Jiang J., Stanford M.H., Xie Y., 2012. Does it matter who pays for bond ratings? Historical evidence. Journal of Financial Economics 105, 3, September 2012, 607-621.Kustra A., Kubacki K., 2009. Dylematy kierunków wzrostu wartości przedsiębiorstw górniczych: fuzje i przejęcia czy eksploracja?. Gospodarka Surowcami Mineralnymi, (25/2).Langhor H.M., Langhor P.T., 2008. The rating agencies and their credit ratings. New York: John Wiley & Sons, 111.Livingston M., Naranjo A., Zhou L., 2007. Asset opaqueness and split bond ratings. Financial Management, Autumn 36, 49-62.Livingston M., Naranjo A., Zhou L., 2008. Split bond ratings and rating migration. Journal of Banking & Finance 32, 8, August 2008, 1613-1624.Mathis J., McAndrews J., Rochet JC., 2009. Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?. Journal of Monetary Economics 56, 5, July 2009, 657-674.10.1016/j.jmoneco.2009.04.004Mayo H.B., 1997. Wstęp do inwestowania. LIBER, Warsaw.Moodys 2015. https://www.moodys.com.Morgan D.P., 2002. Rating banks: Risk and uncertainty in an opaque industry. American Economic Review 92, 874-888.10.1257/00028280260344506Onorato M., Altman E.I., 2005. An integrated pricing model for defaultable loans and bonds. European Journal of Operational Research 163, 1, 16 May 2005, 65-82.Poon W.P.H., 2003. Are unsolicited credit ratings biased downward?. Journal of Banking & Finance 27, 4, April 2003, 593-614.10.1016/S0378-4266(01)00253-9Pukthuanthong-Le K., Elayan F.A., Rose L.C., 2007. Equity and debt market responses to sovereign credit ratings announcement. Global Finance Journal 18, 1, 2007, 47-83.Reilly F.K., Brown K.C., 2001. Analiza inwestycji i zarządzania portfelem. 2. PWE Warsaw.RPEiR. 2009. Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (regulation on credit rating agencies).Shin Y.S., Moore W.T., 2003. Explaining credit rating differences between Japanese and U.S. agencies. Review of Financial Economics 12, 4, 2003, 327-344.S&P, 2015. www.standardandpoors.com.Sierpińska M., Bąk P., 2013. Rola obligacji korporacyjnych w finansowaniu przedsiębiorstw sektora górniczego w Polsce. Gospodarka Surowcami Mineralnymi 29, book 1.Sy A.N.R., 2004. Rating the rating agencies: Anticipating currency crises or debt crises?. Journal of Banking & Finance 28, 11, November 2004, 2845-2867.10.1016/j.jbankfin.2004.06.012Tang T.T., 2009. Information asymmetry and firms’ credit market access: Evidence from Moody’s credit rating format refinement. Journal of Financial Economics 93, 2, August 2009, 325-351.10.1016/j.jfineco.2008.07.007Weissova I., Kollar B., Siekelova A., 2015. Rating as a Useful Tool for Credit Risk Measurement. Procedia Economics and Finance 26, 278-285. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Archives of Mining Sciences de Gruyter

Determinants of Interest Rates on Corporate Bonds of Mining Enterprises

Archives of Mining Sciences , Volume 62 (3): 17 – Sep 1, 2017

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de Gruyter
Copyright
© 2017 Robert Ranosz, published by De Gruyter Open
ISSN
1689-0469
eISSN
1689-0469
DOI
10.1515/amsc-2017-0045
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Abstract

ReferencesAitegroup 2015. http://www.aitegroup.com/report/nationally-recognized-tatistical-ratings-organizations-nothing-lasts-forever.Alissa W., Bonsall IV S.B., Koharki K., Penn Jr. K.M.W., 2013. Firms’ use of accounting discretion to influence their credit ratings. Journal of Accounting and Economics 55, 2-3, April-May 2013, 129-147.Alsakka R., Gwilym O., 2012. Rating agencies’ credit signals: An analysis of sovereign watch and outlook. International Review of Financial Analysis 21, January 2012, 45-55.Ashbaugh-Skaife H., Collins D.W., LaFond R., 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42, 1-2, October 2006, 203-243.Asquith P., Au A.S., Covert T., Pathak P.A., 2013. The market for borrowing corporate bonds. Journal of Financial Economics 107, 1, January 2013, 155-182.Avramov D., Chordia T., Jostova G., Philipov A., 2009. Credit ratings and the cross-section of stock returns. Journal of Financial Markets 12, 3, August 2009, 469-499.10.1016/j.finmar.2009.01.005Bannier Ch.E., Hirsch Ch. W., 2010. The economic function of credit rating agencies – What does the watchlist tell us?. Journal of Banking & Finance 34, 12, December 2010, 3037-3049.10.1016/j.jbankfin.2010.07.002Behr P., Güttler A., 2008. The informational content of unsolicited ratings. Journal of Banking & Finance 32, 4, April 2008, 587-599.10.1016/j.jbankfin.2007.04.021Bereskin F.L., Kim B., Dongchuhl Oh. F., 2015. Do credit rating concerns lead to better corporate governance? Evidence from Korea. Pacific-Basin Finance Journal 35, Part B, November 2015, 592-608.Bissoondoyal-Bheenick E., Brooks R., 2015. The credit risk–return puzzle: Impact of credit rating announcements in Australia and Japan. Pacific-Basin Finance Journal 35, Part A, November 2015, 37-55.Bonsall IV S.B., 2014. The impact of issuer-pay on corporate bond rating properties: Evidence from Moody׳s and S&P׳s initial adoptions. Journal of Accounting and Economics 57, 2-3, April-May 2014, 89-109.Bozic V., Magazzino C., 2013. Credit Rating Agencies: The Importance of Fundamentals in the Assessment of Sovereign Ratings. Economic Analysis and Policy 43, 2, September 2013, 157-176.10.1016/S0313-5926(13)50016-6Brigham E.F., Houston J.F., 2005. Podstawy zarządzania finansami. 1. PWE Warsaw.Cantor R., Packer F., 1997. Differences of opinion and selection bias in the credit rating industry. Journal of Banking & Finance 21, 10, October 1997, p. 1395-1417.Chang J.H., Hung M.W., Tsai F.T., 2015. Credit contagion and competitive effects of bond rating downgrades along the supply chain. Finance Research Letters, In Press, Corrected Proof, Available online 24 October 2015. http://ac.els-cdn.com/S1544612315001014/1-s2.0-S1544612315001014-main.pdf?_tid=8f365068-9992-11e5-b63a-00000aab-0f26&acdnat=1449129225_ca8c3103c60b48f9a4a200a4880aef40Cheng M., Neamtiu M., 2009. An empirical analysis of changes in credit rating properties: timeliness, accuracy and volatility. Journal of Accounting and Economics 47, 108-130.Chorafas D.N., 2005. Bank loans and securitization. The Management of Bond Investments and Trading of Debt, 2005, 119-141.Fabiozzi F.J., 2000. Rynki obligacji analiza i strategie. Wydawnictwo Finansowe WIG-PRESS, Warsaw.Ferreira M.A., Gama P.M., 2007. Does sovereign debt ratings news spill over to international stock markets?. Journal of Banking & Finance 31, 10, October 2007, 3162-3182.Finra, 2015. http://finra-markets.morningstar.com.Fischer T., 2015. Market structure and rating strategies in credit rating markets – A dynamic model with matching of heterogeneous bond issuers and rating agencies. Journal of Banking & Finance 58, September 2015, 39-56.Fitch 2015. https://www.fitchratings.com.Graham J.R., Harvey C.R., 2001. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics 60, 2-3, May 2001, 187-243.10.1016/S0304-405X(01)00044-7Graham J.R., Harvey C.R., Rajgopal S., 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40, 1-3, December 2005, 3-73.Gande A., Parsley D.C., 2005. News spillovers in the sovereign debt market. Journal of Financial Economics 75, 3, March 2005, 691-734.10.1016/j.jfineco.2003.11.003Haspolat F.B., 2015. Analysis of Moody’s Sovereign Credit Ratings: Criticisms Towards Rating Agencies Are Still Valid?. Procedia Economics and Finance 30, 283-293.Henry T.R., Kisgen D.J., Wu J., 2015. Equity short selling and bond rating downgrades. Journal of Financial Intermediation 24, 1, January 2015, 89-111.Hooper V., Hume T., Kim SJ., 2008. Sovereign rating changes – Do they provide new information for stock markets?. Economic Systems 32, 2, June 2008, 142-166.Huang Y.L., Shen Ch. H., 2015. Cross-country variations in capital structure adjustment – The role of credit ratings. International Review of Economics & Finance 39, September 2015, 277-294.Ismail A., Oh S., Arsyad N., 2015. Split ratings and debt-signaling in bond markets: A note. Review of Financial Economics 24, January 2015, 36-41.Ismailescu I., Kazemi H., 2010. The reaction of emerging market credit default swap spreads to sovereign credit rating changes. Journal of Banking & Finance 34, 12, December 2010, 2861-2873.10.1016/j.jbankfin.2010.05.014Jiang J., Stanford M.H., Xie Y., 2012. Does it matter who pays for bond ratings? Historical evidence. Journal of Financial Economics 105, 3, September 2012, 607-621.Kustra A., Kubacki K., 2009. Dylematy kierunków wzrostu wartości przedsiębiorstw górniczych: fuzje i przejęcia czy eksploracja?. Gospodarka Surowcami Mineralnymi, (25/2).Langhor H.M., Langhor P.T., 2008. The rating agencies and their credit ratings. New York: John Wiley & Sons, 111.Livingston M., Naranjo A., Zhou L., 2007. Asset opaqueness and split bond ratings. Financial Management, Autumn 36, 49-62.Livingston M., Naranjo A., Zhou L., 2008. Split bond ratings and rating migration. Journal of Banking & Finance 32, 8, August 2008, 1613-1624.Mathis J., McAndrews J., Rochet JC., 2009. Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?. Journal of Monetary Economics 56, 5, July 2009, 657-674.10.1016/j.jmoneco.2009.04.004Mayo H.B., 1997. Wstęp do inwestowania. LIBER, Warsaw.Moodys 2015. https://www.moodys.com.Morgan D.P., 2002. Rating banks: Risk and uncertainty in an opaque industry. American Economic Review 92, 874-888.10.1257/00028280260344506Onorato M., Altman E.I., 2005. An integrated pricing model for defaultable loans and bonds. European Journal of Operational Research 163, 1, 16 May 2005, 65-82.Poon W.P.H., 2003. Are unsolicited credit ratings biased downward?. Journal of Banking & Finance 27, 4, April 2003, 593-614.10.1016/S0378-4266(01)00253-9Pukthuanthong-Le K., Elayan F.A., Rose L.C., 2007. Equity and debt market responses to sovereign credit ratings announcement. Global Finance Journal 18, 1, 2007, 47-83.Reilly F.K., Brown K.C., 2001. Analiza inwestycji i zarządzania portfelem. 2. PWE Warsaw.RPEiR. 2009. Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (regulation on credit rating agencies).Shin Y.S., Moore W.T., 2003. Explaining credit rating differences between Japanese and U.S. agencies. Review of Financial Economics 12, 4, 2003, 327-344.S&P, 2015. www.standardandpoors.com.Sierpińska M., Bąk P., 2013. Rola obligacji korporacyjnych w finansowaniu przedsiębiorstw sektora górniczego w Polsce. Gospodarka Surowcami Mineralnymi 29, book 1.Sy A.N.R., 2004. Rating the rating agencies: Anticipating currency crises or debt crises?. Journal of Banking & Finance 28, 11, November 2004, 2845-2867.10.1016/j.jbankfin.2004.06.012Tang T.T., 2009. Information asymmetry and firms’ credit market access: Evidence from Moody’s credit rating format refinement. Journal of Financial Economics 93, 2, August 2009, 325-351.10.1016/j.jfineco.2008.07.007Weissova I., Kollar B., Siekelova A., 2015. Rating as a Useful Tool for Credit Risk Measurement. Procedia Economics and Finance 26, 278-285.

Journal

Archives of Mining Sciencesde Gruyter

Published: Sep 1, 2017

References