Journal of Financial and Strategic Decisions Volume 11 Number 2 Fall 1998 1 EVENT RISK COVENANT RATING ANNOUNCEMENTS AND STOCK RETURNS

@inproceedings{Norton1998JournalOF,
  title={Journal of Financial and Strategic Decisions Volume 11 Number 2 Fall 1998 1 EVENT RISK COVENANT RATING ANNOUNCEMENTS AND STOCK RETURNS},
  author={Edgar Norton and Glenn N. Pettengill},
  year={1998}
}
We study the effect on equity prices of the announcements by Standard and Poor’s concerning the strength of super poison put provisions. We find that these announcements have a significant impact on equity prices. We interpret this result to suggest some degree of equity market inefficiency as investors revised their expectations based on expert… CONTINUE READING