Tiebreaker: Certification and Multiple Credit Ratings

• 成果类型: Article
• 署名作者: Bongaerts, Dion; Cremers, K. J. Martijn; Goetzmann, William N.
• 署名单位: Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Yale University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2011.01709.x
• 发表日期: 2012
• 页码: 113-152
• 关键词: liquidity; spreads

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. They do not seem to provide significant additional information related to credit quality.