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Although financial theory suggests a positive relationship between default risk and equity returns, recent empirical papers find anomalously low returns for stocks with high probabilities of default. The authors show that returns to distressed stocks previously documented are really an amalgamation of anomalies associated with three stock characteristics - leverage, volatility and profitability. In this paper they use a market based measure - corporate credit spreads - to proxy for default risk. Unlike previously used measures that proxy for a firm's real-world probability of default, credit spreads proxy for a risk-adjusted (or a risk-neutral) probability of default and thereby explicitly account for the systematic component of distress risk. The authors show that credit spreads predict corporate defaults better than previously used measures, such as, bond ratings, accounting variables and structural model parameters. They do not find default risk to be significantly priced in the cross-section of equity returns. There is also no evidence of firms with high default risk delivering anomalously low returns.

Accounting --- Bankruptcy --- Bankruptcy and Resolution of Financial Distress --- Bond ratings --- Bond Spread --- Capital Asset Pricing --- Corporate Bond --- Corporate bonds --- Corporate defaults --- Credit rating --- Credit risk --- Credit spread --- Credit spreads --- Debt --- Debt Markets --- Default Risk --- Deposit Insurance --- Economic Theory & Research --- Equity returns --- Finance and Financial Sector Development --- Fixed Income --- Human capital --- International Bank --- Macroeconomics and Economic Growth --- Mutual Funds --- Probability of default --- Stocks

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This paper uses unique bank-by-bank balance sheet and income statement information to investigate the intermediation efficiency in the Nigerian pre-consolidated banking sector during 2000-05. The author analyzes whether the Central Bank of Nigeria's policy of recent banking consolidation can be justified and rationalized by looking at the determinants of spreads. A spread decomposition and panel estimations show that the reform of the banking sector could be the first step to raise the intermediation efficiency of the Nigerian banking sector. The author finds that larger banks have enjoyed lower overhead costs, increased concentration in the banking sector has not been detrimental to the spreads, both increased holdings of liquidity and capital might have led to lower spreads in 2005, and a stable macroeconomic environment is conducive to a more efficient channeling of savings to productive investments.

Access to Finance --- Bank balance sheet --- Bank Policy --- Bank Spreads --- Banking Sector --- Banks and Banking Reform --- Central Bank --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Holdings --- Liquidity --- Macroeconomic environment --- Macroeconomics and Economic Growth --- Overhead costs --- Private Sector Development --- Productive investments

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Dairy products industry --- Dairy products --- Dairy plants --- Dairying --- Equipment and supplies --- Economic aspects --- Dairy products. --- Dairy products industry. --- Equipment and supplies. --- Economic aspects. --- United States. --- Dairy industry --- Dairies --- Dairy --- Dairy products plants --- Milk products --- Products, Dairy --- ABŞ --- ABSh --- Ameerika Ühendriigid --- America --- Amerika Birlăshmish Shtatlary --- Amerika Birlăşmi Ştatları --- Amerika Birlăşmiş Ştatları --- Amerika ka Kelenyalen Jamanaw --- Amerika Qūrama Shtattary --- Amerika Qŭshma Shtatlari --- Amerika Qushma Shtattary --- Amerika --- Amerikai Egyesült Államok --- Amerikanʹ Veĭtʹsėndi︠a︡vks Shtattnė --- Amerikări Pĕrleshu̇llĕ Shtatsem --- Amerikas Forenede Stater --- Amerikayi Miatsʻyal Nahangner --- Ameriketako Estatu Batuak --- Amirika Carékat --- AQSh --- Ar. ha-B. --- Arhab --- Artsot ha-Berit --- Artzois Ha'bris --- Bí-kok --- Ē.P.A. --- EE.UU. --- Egyesült Államok --- ĒPA --- Estados Unidos --- Estados Unidos da América do Norte --- Estados Unidos de América --- Estaos Xuníos --- Estaos Xuníos d'América --- Estatos Unitos --- Estatos Unitos d'America --- Estats Units d'Amèrica --- Ètats-Unis d'Amèrica --- États-Unis d'Amérique --- Fareyniḳṭe Shṭaṭn --- Feriene Steaten --- Feriene Steaten fan Amearika --- Forente stater --- FS --- Hēnomenai Politeiai Amerikēs --- Hēnōmenes Politeies tēs Amerikēs --- Hiwsisayin Amerikayi Miatsʻeal Tērutʻiwnkʻ --- Istadus Unidus --- Jungtinės Amerikos valstybės --- Mei guo --- Mei-kuo --- Meiguo --- Mî-koet --- Miatsʻyal Nahangner --- Miguk --- Na Stàitean Aonaichte --- NSA --- S.U.A. --- SAD --- Saharat ʻAmērikā --- SASht --- Severo-Amerikanskie Shtaty --- Severo-Amerikanskie Soedinennye Shtaty --- Si︠e︡vero-Amerikanskīe Soedinennye Shtaty --- Sjedinjene Američke Države --- Soedinennye Shtaty Ameriki --- Soedinennye Shtaty Severnoĭ Ameriki --- Soedinennye Shtaty Si︠e︡vernoĭ Ameriki --- Spojené staty americké --- SShA --- Stadoù-Unanet Amerika --- Stáit Aontaithe Mheiriceá --- Stany Zjednoczone --- Stati Uniti --- Stati Uniti d'America --- Stâts Unîts --- Stâts Unîts di Americhe --- Steatyn Unnaneysit --- Steatyn Unnaneysit America --- SUA --- Sŭedineni amerikanski shtati --- Sŭedinenite shtati --- Tetã peteĩ reko Amérikagua --- U.S. --- U.S.A. --- United States of America --- Unol Daleithiau --- Unol Daleithiau America --- Unuiĝintaj Ŝtatoj de Ameriko --- US --- USA --- Usono --- Vaeinigte Staatn --- Vaeinigte Staatn vo Amerika --- Vereinigte Staaten --- Vereinigte Staaten von Amerika --- Verenigde State van Amerika --- Verenigde Staten --- VS --- VSA --- Wááshindoon Bikéyah Ałhidadiidzooígíí --- Wilāyāt al-Muttaḥidah --- Wilāyāt al-Muttaḥidah al-Amirīkīyah --- Wilāyāt al-Muttaḥidah al-Amrīkīyah --- Yhdysvallat --- Yunaeted Stet --- Yunaeted Stet blong Amerika --- ZDA --- Združene države Amerike --- Zʹi︠e︡dnani Derz︠h︡avy Ameryky --- Zjadnośone staty Ameriki --- Zluchanyi︠a︡ Shtaty Ameryki --- Zlucheni Derz︠h︡avy --- ZSA --- Animal industry --- Food processing plants --- Dairy engineering --- Animal products --- Food industry and trade --- AB --- America (Republic) --- Amerika (Republic) --- Amerikanʹ Veĭtʹsėndi͡avks Shtattn --- Saharat ʻAmērik --- Si͡evero-Amerikanskīe Soedinennye Shtaty --- Soedinennye Shtaty Si͡evernoĭ Ameriki --- Spojené staty americk --- Stáit Aontaithe Mheirice --- Wááshindoon Bikéyah Ałhidadiidzooígí --- Zʹi͡ednani Derz͡havy Ameryky --- Zluchanyi͡a Shtaty Ameryki --- Zlucheni Derz͡havy --- dairy foods --- milk products --- animal products --- bulk milk --- butter --- butter oil --- cheese milk --- cheese spreads --- cheeses --- concentrated milk --- cream --- dried milk --- evaporated milk --- fermented dairy products --- flavored milk --- fluid milk --- frozen dairy products --- ghee --- high fat dairy products --- homogenized milk --- lactose-free dairy products --- low fat dairy products --- low lactose milk --- milk --- milk curds --- pasteurized milk --- raw milk --- recombined milk --- reconstituted milk --- sterilized milk --- sweetened condensed milk --- whey products --- animal-based foods --- dairy animals --- dairy consumption --- dairy cows --- dairy industry --- dairy science --- maternal milk --- milk equivalent --- milk fat --- milk production --- milk substitutes --- creameries --- dairy factories --- dairy plants --- agricultural structures and facilities --- dairy farming --- dairy safety --- Spojené obce severoamerick --- Amerikanʹ Veĭtʹsėndi͡avks Shtattnė --- É.-U. --- ÉU --- Spojené obce severoamerické