Ratings Quality and Borrowing Choice

Past studies document that incentive conflicts may lead issuer-paid credit rating agencies to provide optimistically biased ratings. In this paper, we present evidence that investors question the quality of issuer-paid ratings and raise corporate bond yields where the issuer-paid rating is more posi...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	The Journal of finance (New York) 2019-10, Vol.74 (5), p.2619-2665
Hauptverfasser:	BADOER, DOMINIQUE C., DEMIROGLU, CAM, JAMES, CHRISTOPHER M.
Format:	Artikel
Sprache:	eng
Schlagworte:	Bias Borrowing Corporate bonds Credit ratings Rating services Ratings & rankings Yield
Online-Zugang:	Volltext
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