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The Effect of Three Mile Island on Utility Bond Risk Premia: A Note

1986; Wiley; Volume: 41; Issue: 1 Linguagem: Inglês

10.2307/2328357

1540-6261

W. Brian Barrett, Andrea J. Heuson, Robert W. Kolb,

Corporate Taxation and Avoidance

The Journal of FinanceVolume 41, Issue 1 p. 255-261 Note The Effect of Three Mile Island on Utility Bond Risk Premia: A Note W. BRIAN BARRETT, W. BRIAN BARRETTSearch for more papers by this authorANDREA J. HEUSON, ANDREA J. HEUSONSearch for more papers by this authorROBERT W. KOLB, ROBERT W. KOLBAll authors are from the Department of Finance, University of Miami.Search for more papers by this author W. BRIAN BARRETT, W. BRIAN BARRETTSearch for more papers by this authorANDREA J. HEUSON, ANDREA J. HEUSONSearch for more papers by this authorROBERT W. KOLB, ROBERT W. KOLBAll authors are from the Department of Finance, University of Miami.Search for more papers by this author First published: March 1986 https://doi.org/10.1111/j.1540-6261.1986.tb04504.xCitations: 20 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL REFERENCES 1G. J. Alexander. “Applying the Market Model to Long-Term Corporate Bonds.” Journal of Financial and Quantitative Analysis 15 (December 1980), 1063– 80. 2E. D. Benson, D. S. Kidwell, T. W. Koch, and R. J. Rogowski. “Systematic Variation in Yield Spreads for Tax-Exempt General Obligation Bonds.” Journal of Financial and Quantitative Analysis (December 1981), pp. 685– 702. 3E. D. Benson and R. J. Rogowski. “The Cyclical Behavior of Risk Spreads on New Municipal Bonds.” Journal of Money, Credit and Banking 10 (August 1978), 348– 62. 4R. M. Bowen, R. P. Castanias, and L. A. Daley. “Intra-Industry Effects of the Accident at Three Mile Island.” Journal of Financial and Quantitative Analysis 17 (March 1983), 87– 112. 5J. L. Carr, P. J. Halpern, and J. S. McCallum. “Correcting the Yield Curve: A Re-interpretation of the Duration Problem.” Journal of Finance 29 (September 1974), 1287– 94. 6L. Fisher. “Determinants of Risk Premiums on Corporate Bonds.” The Journal of Political Economy 67 (June 1959), 217– 37. 7J. R. Forbes and J. B. Peterson. Costs of Credit Erosion in the Municipal Bond Market. Chicago, IL: Municipal Finance Officers Association, 1975. 8N. B. Gultekin and R. J. Rogalski. “Alternative Duration Specifications and the Measurement of Basis Risk: Empirical Tests.” The Journal of Business 57 (April 1984), 241– 64. 9J. Hill and T. Schneeweis. “The Effect of Three Mile Island on Electric Utility Stock Prices: A Note.” Journal of Finance 38 (September 1983), 1285– 92. 10D. M. Jaffee. “Cyclical Variation in the Risk Structure of Interest Rates.” Journal of Monetary Economics 1 (July 1975), 309– 25. 11D. S. Kidwell and T. W. Koch. “The Behavior of the Interest Rate Differential Between Tax-Exempt Revenue and General Obligation Bonds: A Test of Risk Preferences and Market Segmentation.” Journal of Finance 37 (March 1982), 73– 85. 12D. S. Kidwell and C. A. Trzcinka. “The Risk Structure of Interest Rates and the Penn-Central Crisis.” Journal of Finance 34 (June 1979), 751– 60. 13J. Kmenta. Elements of Econometrics. NY: The Macmillan Company, 1971. 14T. H. McInish. “Behavior of Municipal Bond Default-Risk Premiums by Maturity.” Journal of Business Research 8 (1980), 413– 18. 15R. Pettway. “ The Effect of the Three-Mile Island Nuclear Accident Upon Risk Perceptions of Investors in Public Utility Shares.” Working Paper, University of Florida, 1983. 16F. K. Reilly and M. D. Joehnk. “The Association Between Market-Determined Risk Measures for Bonds and Bond Ratings.” The Journal of Finance 31 (December 1976), 1387– 1401. 17A. Robichek and W. D. Niebuhr. “Tax Induced Bias in Reported Treasury Yields.” Journal of Finance 25 (December 1970), 1081– 90. 18R. I. Robinson. Postwar Market for State and Local Government Securities. NY: National Bureau of Economic Research, 1960, 184– 88. 19P. Sloane. “ Determinants of Bond Yield Differentials.” Yale Economic Essays (Spring 1963), 2– 55. 20J. C. Van Horne. Financial Market Rates and Flows. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1978. 21J. C. Van Horne. “Behavior of Default-Risk Premiums for Corporate Bonds and Commercial Paper.” Journal of Business Research 7 (December 1979), 310– 13. 22J. V. Yawitz. “Risk Premia on Municipal Bonds.” Journal of Financial and Quantitative Analysis 13 (September 1978), 475– 86. 23J. V. Yawitz and W. J. Marshall. “The Shortcomings of Duration as a Risk Measure for Bonds.” The Journal of Financial Research (Summer 1981), 91– 101. Citing Literature Volume41, Issue1March 1986Pages 255-261 ReferencesRelatedInformation