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首页> 外文期刊>Financial Markets and Portfolio Management >Are economically significant bond returns explained by corporate news? An examination of the German corporate bond market
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Are economically significant bond returns explained by corporate news? An examination of the German corporate bond market

机译：企业新闻是否解释了具有重大经济意义的债券收益？德国企业债券市场考察

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摘要

We examine the association between bond prices and corporate news for firms listed in the prime segment of the German stock market. Focusing on economically significant bond returns, we provide an overview of the various news categories that influence bond investors in their assessment of an issuer's default risk. This approach allows us to draw direct comparisons with respect to size and time of impact. We find that (1) there is a strong relationship between economically significant changes in bond prices and corporate news, (2) earnings announcements and financing issues prevail in our analyses, and (3) on average, around half the significant bond returns occur within a period of one day before to one day after an event. This proportion is considerably small compared to the findings of related studies on the stock market. We also carry out a conventional event study analysis as an alternative approach to our main analysis.
机译：我们研究了在德国股票主要市场上市的公司的债券价格与公司新闻之间的关联。我们着重于具有经济意义的债券收益，概述影响债券投资者评估发行人违约风险的各种新闻类别。这种方法使我们可以就影响的大小和时间进行直接比较。我们发现（1）债券价格在经济上的重大变化与公司新闻之间存在很强的关系；（2）我们的分析中普遍存在收益公告和融资问题；（3）平均而言，大约一半的重要债券收益发生在事件发生前一天到事件发生后一天之间的时间。与股票市场相关研究的结果相比，这一比例很小。我们还进行了常规事件研究分析，作为我们主要分析的替代方法。

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