THE EFFECT OF A SINKING FUND ON THE REOFFERING YIELDS OF NEW PUBLIC UTILITY BONDS
作者:
David S. Kidwell,
M. Wayne Marr,
Joseph P. Ogden,
期刊:
Journal of Financial Research
(WILEY Available online 1989)
卷期:
Volume 12,
issue 1
页码: 1-13
ISSN:0270-2592
年代: 1989
DOI:10.1111/j.1475-6803.1989.tb00096.x
数据来源: WILEY
摘要:
AbstractIn this study, empirical tests are conducted to determine the impact of a sinking fund on reoffering yields of a sample of new public utility bonds sold between January 1977 and March 1982. The findings of the regression analysis are consistent with the hypotheses that the value of the sinking fund varies with the default risk of the issuer and with market expectations of future interest rate movements, and that the sinking fund improves the liquidity of a bond issue.
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