SHOULD ALL TAX-EXEMPT BORROWERS WITH INVESTMENT-GRADE QUALITY ACQUIRE CREDIT RATINGS?

Credit ratings help reveal and certify borrowers' quality in a market with information asymmetry. Examination is offered of the quality revelation and certification values of a bond rating in the tax-exempt bond market in which a high percentage of new issues are not rated. It is shown that lar...

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Veröffentlicht in:	Journal of business finance & accounting 1993-01, Vol.20 (2), p.291-306
Hauptverfasser:	HSUEH, L. PAUL, LIU, Y. ANGELA
Format:	Artikel
Sprache:	eng
Schlagworte:	Bond issues Bond markets Bond ratings Bonds Credit Credit ratings Statistical analysis Stock exchange Studies Tax exempt organizations
Online-Zugang:	Volltext
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