haku: @author Marr, M. W. / yhteensä: 9
viite: 2 / 9
| Tekijä: | Kidwell, D. S. Marr, M. W. Ogden, J. P. |
| Otsikko: | The Effect of a Sinking Fund on the Reoffering of New Public Utility Bonds |
| Lehti: | Journal of Financial Research
1989 : SPRING, VOL. 12:1, p.1-13 |
| Asiasana: | SECURITIES BONDS |
| Kieli: | eng |
| Tiivistelmä: | The present study conducts empirical tests to determine the impact of a sinking fund on reoffering yields of a sample of new public utility bonds sold between 1977 and 1982. Relying on regression analysis the authors confirmed the hypotheses that the value of the sinking fund varies with the default risk of the issuer and with the market expectations of the future rate movements. A further result is the following: the sinking fund improves the liquidity of a bond issue. |
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