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Predicting the Bond Ratings of S&P 500 Firms

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dc.contributor.author Doğanay, M. Mete
dc.contributor.author Körs, Murat
dc.contributor.author Akta, Ramazan
dc.date.accessioned 2024-05-08T08:25:07Z
dc.date.available 2024-05-08T08:25:07Z
dc.date.issued 2012-10
dc.identifier.citation Doğanay, M.Mete; Körs, Murat; Akta, Ramazan. (2012). "Predicting the Bond Ratings of S&P 500 Firms", The IUP Journal of Applied Finance, Vol.18, No.4, pp.83-96. tr_TR
dc.identifier.uri http://hdl.handle.net/20.500.12416/8181
dc.description.abstract In this paper, we have developed models to find out as to what factors are important in determining the bond ratings of the non-financial firms which are included in S&P 500 index. Our analysis is different from other analyses in the literature because we have used the more recent data, i.e., the ratings belong to the years 2008, 2009 and 2010. We have performed two types of analyses. In the first analysis, all the variables are used as explanatory variables after eliminating some variables to avoid multicollinearity. In the second analysis, factor analysis is performed to group the variables into factors, and variables whose correlations with the factors are the highest are used as explanatory variables. In both the analyses, multiple discriminant analysis, ordered logit, and ordered probit models are estimated. The best model is the ordered logit model that used all the variables. The important factors that determine the bond ratings are long-term liabilities/total assets ratio, return on equity, net profit margin, trade payables, and operating income. The firms that need to improve their bond ratings must pay attention to these factors. Also, by using the models presented in the paper, investors can have an idea about the credibility of the issuers. tr_TR
dc.language.iso eng tr_TR
dc.rights info:eu-repo/semantics/closedAccess tr_TR
dc.title Predicting the Bond Ratings of S&P 500 Firms tr_TR
dc.type article tr_TR
dc.relation.journal The IUP Journal of Applied Finance tr_TR
dc.contributor.authorID 112010 tr_TR
dc.identifier.volume 18 tr_TR
dc.identifier.issue 4 tr_TR
dc.identifier.startpage 83 tr_TR
dc.identifier.endpage 96 tr_TR
dc.contributor.department Çankaya Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü tr_TR


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