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Credit Rating Inflation and Firms' Investments
Journal of Finance, 2019We analyze credit rating effects on firm investments in a rational bond financing game that features a feedback loop. The credit rating agency (CRA) inflates the rating, providing a biased but informative signal to creditors.
Itay Goldstein, Chong Huang
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A Multicriteria Approach for Modeling Small Enterprise Credit Rating: Evidence from China
Emerging markets finance & trade, 2019As the engine of China’s economy, small enterprises have been the central to the country’s economic development. However, given the characteristics of the small enterprises loan (i.e., short borrowing period, large volume, small amount and incomplete ...
N. Chai, Bi Wu, Weiwei Yang, Baofeng Shi
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Credit Ratings and Credit Rating Agencies
SSRN Electronic Journal, 2011The present chapter discusses the characteristics of credit rating agencies and their credit ratings. In describing the role they both play on the global financial markets, it focuses in particular on the increasing importance that legal regulation has gained in the context of credit ratings, both due to the increase in regulation through credit ...
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The Credit Rating Industry [PDF]
The Journal of Fixed Income, 1995 Investors and regulators have been increasing their reliance on the opinions of the credit rating agencies. This article shows that although the ratings provide accurate rank-orderings of default risk, the meaning of specific letter grades varies over time and across agencies.
Richard Cantor, Frank Packer
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2010
Bond rating and the establishment of formal CRAs began in 1909 when John Moody began rating US railroad bonds, soon expanding to utility and industrial bonds. Poor’s Publishing Company followed in 1916 and Fitch Publishing Company in 1924. The business was characterised by the investor-pays model, where investors bought reports from the CRAs containing
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Bond rating and the establishment of formal CRAs began in 1909 when John Moody began rating US railroad bonds, soon expanding to utility and industrial bonds. Poor’s Publishing Company followed in 1916 and Fitch Publishing Company in 1924. The business was characterised by the investor-pays model, where investors bought reports from the CRAs containing
openaire +2 more sources
Are Credit Ratings Procyclical?
SSRN Electronic Journal, 2003Abstract This paper studies the influence of the state of the business cycle on credit ratings. In particular, we assess whether rating agencies are excessively procyclical in their assignment of ratings. Our analysis is based on a model of ratings determination that takes into account factors that measure the business and financial risks of firms ...
C. H. Furfine, Jeffery D. Amato
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Do sovereign credit ratings matter for corporate credit ratings?
Annals of Operations Research, 2020zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Cheikh, Nidhaleddine Ben +3 more
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Financing equilibrium in a capital constrained supply Chain: The impact of credit rating
Transportation Research Part E: Logistics and Transportation Review, 2022Wen Jiang +4 more
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2017
Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify
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Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify
openaire +1 more source
Developing an integrated fuzzy credit rating system for SMEs using fuzzy-BWM and fuzzy-TOPSIS-Sort-C
Annals of Operations Research, 2022Pranith Kumar Roy, K. Shaw, A. Ishizaka
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