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Which of the following statements best characterizes the change in a bond rating and the price of the firm’s stock? A. A bond downgrade produces a downward movement in the stock price, and an upgrade produces little or no movement. B. A bond downgrade produces little or no movement in the stock price, and an upgrade produces an upward movement. C. A bond downgrade produces an upward movement in the stock price, and an upgrade produces a downward movement. D. Bond downgrades and upgrades are equally ambiguous in their effects. |