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Title: A Data Envelopment Analysis of Shipping Industry Bond Ratings
Authors: Gin-Shuh Liang;Chin-Feng Liu;Wen-Cheng Lin;Chen-Huei Yeh
Contributors: NTOU:Department of Shipping and Transportation Management
Keywords: Bond Rating;Data Envelopment Analysis (DEA);Default Risks
Date: 2006-12
Issue Date: 2011-10-20T08:33:24Z
Publisher: Tamkang Journal of Science and Engineering
Abstract: Abstract:Industrial corporate bonds have been assigned quality ratings since the early 1900s. Moody and
Standard & Poors (S&P), two renowned ratings organizations assign ratings to a portion of new bonds
issued each year. However, many businesses and industry leaders have doubts about the consequences
of bond ratings. This paper attempts to build an objective and user-friendly bond ratings approach for
the shipping industry and investors. Data envelopment analysis (DEA) is employed to evaluate the
corporate bond ratings of Taiwan’s shipping industry from 1997 to 2004, by applying two input
variables (fixed assets and debt ratio) and two output variables (fixed assets turnover and times interest
earned) as rating factors. The results show that 4 different bonds, in particular, have had relatively high
ratings: ETITC’s issue of bonds from 1998 to 2003, EVERGREEN’s bond issue in 1996, and Yang
Ming’s bond issue in 2003, respectively. This paper also illustrates that ETITC and Yang Ming have
paid more attention on reducing default risks and creating revenue competency during the given time
Relation: 9(4), pp.403-408
Appears in Collections:[Department of Shipping and Transportation Management] Periodical Articles

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