On April 26, 1982, Moody's Investors Service refined its rating system for the first time in its seventy-three year rating history. We examine the information content of the rating refinement in the study. We find a statistically significant change in the yields on bonds whose ratings were...

In this study, an interesting aspect of the secondary market's pricing of the riskiness of insured municipal bonds is examined. Do secondary market investors still consider the underlying intrinsic credit quality of the issuer in pricing insured bonds? Is the pricing of this 'issuer effect'...

With the opening up of the Saudi Stock Market to foreign participation, international interest in this important oil dominated economy has intensified. This paper examines the interrelationships between the 12 sector indices in the Saudi Arabian Equity market - the largest equity market in the...