Tests of the nominal contracting hypothesis using stocks and bonds of the same firms

We 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...

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Veröffentlicht in:	Journal of banking & finance 1992-06, Vol.16 (3), p.477-496
Hauptverfasser:	Chang, Eric C., McQueen, Grant R., Pinegar, J.Michael
Format:	Artikel
Sprache:	eng
Schlagworte:	Bonds Capital market Contraction Hypotheses Impacts Inflation Long term Nominal Price level changes Stock prices Stocks Studies
Online-Zugang:	Volltext
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