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- Publisher Website: 10.1016/0378-4266(92)90040-7
- Scopus: eid_2-s2.0-38249010956
- WOS: WOS:A1992JA49300001
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Article: Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms
Title | Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms |
---|---|
Authors | |
Issue Date | 1992 |
Citation | Journal of Banking and Finance, 1992, v. 16, n. 3, p. 477-496 How to Cite? |
Abstract | We test the nominal contracting hypothesis by examining the price responses of stocks and long-term bonds issued by the same firms to inflation surprises. We fail to find evidence that unexpected inflation transfers wealth to real from nominal contract holders, i.e., to stockholders from bondholders. An alternative interpretation of previous tests that seemingly support the nominal contracting hypothesis is proposed, based on firms' asset rather than liability structures. Our test results and alternative interpretation suggest caution in ascribing to nominal contracts major intrafirm wealth redistributions due to unexpected inflation. |
Persistent Identifier | http://hdl.handle.net/10722/206379 |
ISSN | 2023 Impact Factor: 3.6 2023 SCImago Journal Rankings: 1.663 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chang, EC | en_US |
dc.contributor.author | McQueen, GR | en_US |
dc.contributor.author | Pinegar, MJ | en_US |
dc.date.accessioned | 2014-10-28T09:14:37Z | - |
dc.date.available | 2014-10-28T09:14:37Z | - |
dc.date.issued | 1992 | en_US |
dc.identifier.citation | Journal of Banking and Finance, 1992, v. 16, n. 3, p. 477-496 | en_US |
dc.identifier.issn | 0378-4266 | - |
dc.identifier.uri | http://hdl.handle.net/10722/206379 | - |
dc.description.abstract | We test the nominal contracting hypothesis by examining the price responses of stocks and long-term bonds issued by the same firms to inflation surprises. We fail to find evidence that unexpected inflation transfers wealth to real from nominal contract holders, i.e., to stockholders from bondholders. An alternative interpretation of previous tests that seemingly support the nominal contracting hypothesis is proposed, based on firms' asset rather than liability structures. Our test results and alternative interpretation suggest caution in ascribing to nominal contracts major intrafirm wealth redistributions due to unexpected inflation. | - |
dc.language | eng | en_US |
dc.relation.ispartof | Journal of Banking and Finance | en_US |
dc.title | Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms | en_US |
dc.type | Article | en_US |
dc.identifier.email | Chang, EC:ecchang@hku.hk | en_US |
dc.identifier.authority | Chang, EC=rp01050 | en_US |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/0378-4266(92)90040-7 | - |
dc.identifier.scopus | eid_2-s2.0-38249010956 | - |
dc.identifier.volume | 16 | en_US |
dc.identifier.issue | 3 | en_US |
dc.identifier.spage | 477 | en_US |
dc.identifier.epage | 496 | en_US |
dc.identifier.isi | WOS:A1992JA49300001 | - |
dc.identifier.issnl | 0378-4266 | - |