VALUATION EFFECTS OF HOLDING GAINS ON LONG-TERM DEBT

被引：0

作者：

STRONG, JS

机构：

[1] College of William and Mary, Williamsburg

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1990年 / 13卷 / 03期

关键词：

D O I：

10.1016/0165-4101(90)90034-2

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper presents a disaggregate approach to measuring market values of debt. Holding gains and losses on debt are separated into two component: those arising from unanticipated inflation and those arising from changes in credit risk. Both effects are large and statistically significant. The two sources of debt depreciation are likely to have opposite effects on equity values. The relation between debt devaluation and equity values cannot be properly understood without identifying the causes of the devaluation. © 1990.

引用

页码：267 / 283

页数：17

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