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| Tekijä: | Liu, P. Seyyed, F. J. |
| Otsikko: | The impact of socioeconomic variables and credit ratings on municipal bond risk premia. |
| Lehti: | Journal of Business Finance and Accounting
1991 : SEP, VOL. 18:5, p. 735-746 |
| Asiasana: | GOVERNMENT BONDS RISK MEASUREMENT CREDIT RATING |
| Kieli: | eng |
| Tiivistelmä: | A brief survey of the literature seems to suggest that identification and estimation of the relationship between the yields, socioeconomic characteristics and bond ratings can play an important role in our understanding of the operation of the nation's capital market. Here, the socioeconomic variables that affect the risk premia of municipal bond are empirically investigated. It is also examined whether the credit ratings assigned by rating agencies have an impact on municipal bond yield premia. The results suggest that bond ratings have an independent impact on yield premia over and above bond issuers' socioeconomic characteristics. |
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