Progesterone Receptor Isoform Signaling In Ovarian Cancer Cellular Senescence

Thumbnail Image

Persistent link to this item

View Statistics

Journal Title

Journal ISSN

Volume Title


Progesterone Receptor Isoform Signaling In Ovarian Cancer Cellular Senescence

Published Date




Thesis or Dissertation


This paper examines the effect of equity investor sentiment on the bond market. While empirical evidence suggests that high investor sentiment leads to equity overvaluation, there is limited evidence of its effect on the bond market. Sentiment can have a negative impact on bond returns via two channels. First, in times of high investor sentiment, overvalued equity can lead to firm overinvestment, resulting in a negative impact on bond pricing due to an increase in default risk. Second, overvalued equity attracts capital flow to the equity market from the bond market which can create a downward pressure on bond pricing. Consistent with these channels, I find that equity investor sentiment exhibits a significant negative relation with contemporaneous bond returns; this effect is stronger for the sample of firms with overinvestment. In distinguishing the effects of the two channels, I find a positive relation between sentiment and subsequent bond returns, consistent with a return reversal predicted by the capital flow channel (due to the backflow of capital); however, there is no return reversal observed for the overinvestment sample, indicating that overinvestment has a more lasting impact. Additionally, I find a negative (but delayed) impact of equity investor sentiment on bond ratings for the overinvestment sample consistent with an increase in default risk of these firms. Overall, my study highlights that behavioral biases in the equity market do not automatically get transmitted to the bond market. In fact, the bond market reacts negatively to sentiment-induced overinvestment in a rational way, consistent with bond investors' payoff functions.



University of Minnesota Ph.D. dissertation. July 2015. Major: Business Administration. Advisor: Pervin Shroff. 1 computer file (PDF); vi, 68 pages.

Related to




Series/Report Number

Funding information

Isbn identifier

Doi identifier

Previously Published Citation

Suggested citation

Chen, Wen. (2015). Progesterone Receptor Isoform Signaling In Ovarian Cancer Cellular Senescence. Retrieved from the University Digital Conservancy,

Content distributed via the University Digital Conservancy may be subject to additional license and use restrictions applied by the depositor. By using these files, users agree to the Terms of Use. Materials in the UDC may contain content that is disturbing and/or harmful. For more information, please see our statement on harmful content in digital repositories.