| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15331 |
| 来源ID | Working Paper 15331 |
| Tiebreaker: Certification and Multiple Credit Ratings | |
| Dion Bongaerts; K.J. Martijn Cremers; William N. Goetzmann | |
| 发表日期 | 2009-09-10 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper explores the economic role credit rating agencies play in the corporate bond market. We consider three existing theories about multiple ratings: information production, rating shopping and regulatory certification. Using differences in rating composition, default prediction and credit spread changes, our evidence only supports regulatory certification. Marginal, additional credit ratings are more likely to occur because of, and seem to matter primarily for regulatory purposes, but do not seem to provide significant additional information related to credit quality. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w15331 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573006 |
| 推荐引用方式 GB/T 7714 | Dion Bongaerts,K.J. Martijn Cremers,William N. Goetzmann. Tiebreaker: Certification and Multiple Credit Ratings. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15331.pdf（509KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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