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Full-Text Articles in Finance and Financial Management
How Do Bond Specific, Firm Specific And Macroeconomic Factors Influence Corporate Credit Spreads?, Michael Mayberger
How Do Bond Specific, Firm Specific And Macroeconomic Factors Influence Corporate Credit Spreads?, Michael Mayberger
Honors Projects
The recession of 2008-2009 showcased the critical role that the corporate bond market plays in providing firms with access to capital, a role reflected by a 300% increase in corporate bonds issued from $600 billion issued in 2007 to $1.8 trillion issued in 2012. In this study, I investigate the bond specific, firm specific and macroeconomic factors that explain the change in corporate credit spreads within the Consumer Staples industry between 2005 and 2013. The results show that the firm specific variables, debt and total assets, have the largest impact on the corporate credit spreads. However, there is a weaker …
New Evidence On The Wealth Transfer During The Argentine Crisis, James Lam, Elisabeta Pana, Faculty Advisor
New Evidence On The Wealth Transfer During The Argentine Crisis, James Lam, Elisabeta Pana, Faculty Advisor
Honors Projects
In this study, we investigate the wealth preservation hypothesis and revisit the theory of wealth transfer from Argentina to the United States during the Argentine crisis. We show that the boom experienced by the Argentine stock market is explained by both wealth preservation through top non-ADR stocks and by wealth transfer through ADR stocks. Argentine investors without access to trading abroad preserved wealth by converting their bank deposits into the most liquid ADR and non-ADR stocks. An investment in a portfolio of less liquid ADRs resulted in a wealth loss, unless used as a vehicle to transfer funds abroad.