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Article: Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms

TitleTests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms
Authors
Issue Date1992
Citation
Journal of Banking and Finance, 1992, v. 16, n. 3, p. 477-496 How to Cite?
AbstractWe 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 Identifierhttp://hdl.handle.net/10722/206379
ISSN
2015 Impact Factor: 1.485
2015 SCImago Journal Rankings: 1.264
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorChang, ECen_US
dc.contributor.authorMcQueen, GRen_US
dc.contributor.authorPinegar, MJen_US
dc.date.accessioned2014-10-28T09:14:37Z-
dc.date.available2014-10-28T09:14:37Z-
dc.date.issued1992en_US
dc.identifier.citationJournal of Banking and Finance, 1992, v. 16, n. 3, p. 477-496en_US
dc.identifier.issn0378-4266-
dc.identifier.urihttp://hdl.handle.net/10722/206379-
dc.description.abstractWe 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.languageengen_US
dc.relation.ispartofJournal of Banking and Financeen_US
dc.titleTests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firmsen_US
dc.typeArticleen_US
dc.identifier.emailChang, EC:ecchang@hku.hken_US
dc.identifier.authorityChang, EC=rp01050en_US
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/0378-4266(92)90040-7-
dc.identifier.volume16en_US
dc.identifier.issue3en_US
dc.identifier.spage477en_US
dc.identifier.epage496en_US
dc.identifier.isiWOS:A1992JA49300001-

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