Solvency assessment and annual reporting: an empirical study on the informative value of annual reports based on bond rating
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Tilburg
Tilburg Univ. Press
1998
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 287 S. Ill. |
| ISBN: | 9036196094 |
Internformat
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| 245 | 1 | 0 | |a Solvency assessment and annual reporting |b an empirical study on the informative value of annual reports based on bond rating |
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| 650 | 7 | |a Solvabiliteit |2 gtt | |
| 650 | 4 | |a Bonds |x Ratings | |
| 650 | 4 | |a Corporation reports | |
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Datensatz im Suchindex
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| adam_text | Contents
Chapter 1: Introduction 1
Chapter 2: Empirical solvency assessment by bond rating agencies
2.1 Solvency 5
2.1.1 Solvency assessment and financial (statement)
analysis in general 7
2.2 Liquidity 11
2.3 Performers of solvency assessment 12
2.4 Bond ratings and bond rating agencies 14
2.4.1 Definitions of bond rating classes 15
2.4.2 The bond rating process 17
2.5 How good are bond ratings? 18
2.5.1 Public acceptance of bond ratings 19
2.5.2 Split ratings 22
2.5.3 Ex post Performance of bond ratings 22
2.6 Determinants of bond ratings 23
2.6.1 The Ancient study by Harold 24
2.6.2 Modern studies and publications on the rating process 26
2.7 Summary 31
Chapter 3: Capital structure and default risk
3.1 Capital structure: leverage and solvabiliteit 33
3.1.1 Measuring asset coverage of debt 34
3.1.1.1 Limitations of measuring asset and debt value
based on the balance sheet 36
3.1.1.2 Constructing the debt ratio 40
3.1.2 Measuring leverage 41
3.1.2.1 Defining debt, equity and return 46
3.1.3 Summary 49
3.2 Theories on optimal capital structure 50
3.2.1 Introduction 50
3.2.2 The MM theorem 51
3.2.3 The introduction of bankruptcy costs 53
3.2.4 The agency theory approach to capital structure 54
3.2.5 Signalling modeis 55
3.2.6 Other theoretical determinants of capital structure 59
3.2.7 The relevance of capital structure theories to solvency
assessment 60
3.2.5 Accounting diversity in theories on capital structure 67
3.2.8 Summary 70
3.3 Evaluation of leverage in practice 71
3.3.1 Restatement of reported leverage 71
3.3.2 The edge between high and low leverage 80
3.3.3 Conclusions 86
3.4 Summary and conclusions 86
Chapter 4: Content Analysis on bond rating rationales
4.1 The essence of Content Analysis 89
4.2 Methodological comparison of research methods 90
4.2.1 Interview 91
4.2.2 Questionnaires 93
4.2.3 Laboratory experiments 94
4.2.4 Content Analysis 95
4.2.5 Conclusion 96
4.3 Setup of the content analysis of Moody s rating rationales 99
4.3.1 The explorative content analysis 103
4.3.1.1 Deriving a coding scheme 107
4.3.1.2 Results of the explorative content analysis 111
4.3.2 Multiple period content analysis 121
4.3.3 Validation by second coder reading and computer coding 123
4.3.4 A theoretical content analysis 134
4.3.4.1 Argenti s trajectories of insolvency processes 135
4.3.4.2 Defining the coding scheme 136
4.3.4.3 Validity and reliability considerations 141
4.3.4.4 Results 143
4.4 Summary 146
Chapter 5: Solvency relevant information in the annual report
5.1 Introduction 148
5.2 Setup of the study 148
5.3 Results 152
5.3.1 The rate of confirmation 152
5.3.1.1 The informativeness of distinctive parts of
the annual report 154
5.3.1.2 Potential measurement bias by differences in
emphasis by Moody s and the annual report 158
5.3.1.3 International comparison of the disclosure scorel63
5.3.2 Items not found 167
5.3.3 Contradicted items 170
5.3.4 Unclear items 170
5.4 Conclusions 171
Chapter 6: Bond Rating Modeling
6.1 Introduction ] 73
6.2 Studies on bond rating modeling 176
6.3 Artificial Intelligence in bond rating modeling 180
6.3.1 Expert systems 180
6.3.2 Fuzzy systems 181
6.3.3 Neural networks 185
6.3.4 Review of neural networks applied to bond rating 186
6.4 Summary 188
Chapter 7: Neural Network Modeling of Bond Rating
7.1 Introduction 189
7.2 Design aspects of a bond rating neural network 191
7.2.1 Data selection 192
7.2.2 Neural network design 205
7.2.2.1 Design of backprop neural networks 207
7.2.3 Performance measurement 210
7.2.3.1 Model selection 211
7.2.3.2 Regularization and cross validation 211
7.2.3.3 Controlling the stability of the cross validation
errors with a Kohonen network 214
7.3 Results on the S P 1993 data set 216
7.3.1 Differences between MSE and PCC 220
7.4 Some additional analyses on the behavior of the neural
network models 222
7.4.1 Copying the neural network output using less
hidden neurons 223
7.4.2 Comparing the variances of neural network models and
linear models 225
7.4.3 A neural network model with multiple output neurons 227
7.4.4 Monotonicity of the neural network model 230
7.4.5 Determining the saliency of input variables by analyzing
the weight structure 234
7.4.6 Modeling industry influence 237
7.4.7 Influence of different measurement of capital structure
variables 241
7.4.8 Modeling split ratings 243
7.4.9 Extrapolation with neural networks 245
7.5. Summary and Conclusions 247
Chapter 8: Summary and Conclusions 253
References 266
Samenvatting in het Nederlands 273
APPENDICES
1. Distribution of the findings of the content analysis over Sherwood s
and S P s summary schemes 282
2. Key words per factor in the computer coded content analysis 284
3. Selected companies for tracing rationales to annual reports 285
4. A sample of contradicted items found in the study described in
section 5.3.3. 286
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| id | DE-604.BV012436200 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:27:32Z |
| institution | BVB |
| isbn | 9036196094 |
| language | English |
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| physical | 287 S. Ill. |
| publishDate | 1998 |
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| publisher | Tilburg Univ. Press |
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| spelling | Kamp, Bart Verfasser aut Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating Tilburg Tilburg Univ. Press 1998 287 S. Ill. txt rdacontent n rdamedia nc rdacarrier Jaarverslagen gtt Solvabiliteit gtt Bonds Ratings Corporation reports Corporations Finance Financial statements Liquidität (DE-588)4035908-6 gnd rswk-swf Jahresabschluss (DE-588)4162679-5 gnd rswk-swf Jahresabschluss (DE-588)4162679-5 s Liquidität (DE-588)4035908-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008437495&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kamp, Bart Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating Jaarverslagen gtt Solvabiliteit gtt Bonds Ratings Corporation reports Corporations Finance Financial statements Liquidität (DE-588)4035908-6 gnd Jahresabschluss (DE-588)4162679-5 gnd |
| subject_GND | (DE-588)4035908-6 (DE-588)4162679-5 |
| title | Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_auth | Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_exact_search | Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_full | Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_fullStr | Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_full_unstemmed | Solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_short | Solvency assessment and annual reporting |
| title_sort | solvency assessment and annual reporting an empirical study on the informative value of annual reports based on bond rating |
| title_sub | an empirical study on the informative value of annual reports based on bond rating |
| topic | Jaarverslagen gtt Solvabiliteit gtt Bonds Ratings Corporation reports Corporations Finance Financial statements Liquidität (DE-588)4035908-6 gnd Jahresabschluss (DE-588)4162679-5 gnd |
| topic_facet | Jaarverslagen Solvabiliteit Bonds Ratings Corporation reports Corporations Finance Financial statements Liquidität Jahresabschluss |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008437495&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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