The influence of competitive positioning and rivalry on emerging market risk assessment
成果类型：
Article
署名作者：
McNamara, G; Vaaler, PM
署名单位：
Michigan State University; Tufts University
刊物名称：
JOURNAL OF INTERNATIONAL BUSINESS STUDIES
ISSN/ISSBN：
0047-2506
DOI：
10.1057/palgrave.jibs.8490910
发表日期：
2000
页码：
337-347
关键词：
摘要：
Rating agencies play a pivotal role international credit transactions, Their sovereign risk-assessments are largely thought to reflect objective evaluations of the creditworthiness of potential borrowers, We test this assumption by examining the role that competitive positioning Td dynamics play in the risk-assessments these agencies provide. rr analyses of agency risk-assessments for emerging-market sovereign borrowers indicate that they are significantly related to agency positioning as an incumbent of insurgent (new entrant), to agency specialization in sovereigns from particular geographic regions, and in some instances, to the level of agency rivalry in a specific sovereign market. Our findings suggest both significant general and contingent links between foreign investment risk-assessment and competitive positioning and rivalry among agencies.
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