450                                                    15

Robert S. Kaplan and Gabriel Urwitz, Statistical Models of Bond Ratings: A Methodological
Inquiry, Journal of Business, 52, no. 2 (April 1979), pp. 231-261.
Ahmed Belkaoui, Industrial Bonds and the Rating Process (Westport, CT: Quorum
Books, 1983).

3.      :

Steven Katz, The Price Adjustment Process of Bonds to Rating Reclassification: A Test of

Bond Market Efficiency, Journal of Finance, 29, no. 2 (May 1974), pp. 551559.

Paul Grier Katz, The Differential Effects of Bond Rating Changes Among Industrial

and Public Utility Bonds by Maturity, Journal of Business, 49, no. 2 (April 1976),

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Rating Agency Announcements on Bond and Stock Prices, Journal of Finance, 47, no. 2

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4.      :

John E. Petersen, The Rating Game (New York: The Twentieth Century Fund, 1974).
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George Foster, Financial Statement Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986),
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5.       :

W. Braddock Hickman, Corporate Bond Quality and Investor Experience (Princeton, NJ:

Princeton University Press, 1958).

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Yields of Corporate Bonds, Journal of Finance, 16, no. 3 (September 1961), pp. 423434.

Thomas R. Atkinson and Elizabeth  Simpson, Trends in Corporate Bond Quality (New

York: Columbia University Press, 1967).

Gordon Pye, Gauging the Default Premium, Financial Analysts Journal, 30, no. 1 (January/

February 1974), pp. 49-52.

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Marshall E. Blume and Donald B. Keim, and Sandeep A. Patel, Returns and Volatility of

Low-Grade Bonds, 1977-1989, Journal of Finance, 46, no. 1 (March 1991), pp. 49-74.