作者：Bos, Marieke; Breza, Emily; Liberman, Andres
作者单位：Stockholm School of Economics; Swedish House of Finance; Harvard University; National Bureau of Economic Research; New York University
摘要：We exploit a natural experiment to provide one of the first measurements of the causal effect of negative credit information on employment and earnings. We estimate that one additional year of negative credit information reduces employment by 3 percentage points and wage earnings by $1,000. In comparison, the decrease in credit is only one-fourth as large. Negative credit information also causes an increase in self-employment and a decrease in mobility. Further evidence suggests this cost of d...
作者：Cornaggia, Jess; Cornaggia, Kimberly J.; Israelsen, Ryan D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
摘要：A common belief held among researchers and policy makers is that regulatory reliance has inflated market demand for credit ratings, despite their decreasing informational value. Advances in information technology, coupled with reputation losses following the subprime crisis, renew the question of whether investors still rely on ratings to assess credit risk. Using Moody's 2010 scale recalibration, which was unrelated to changing issuer fundamentals, we find that ratings still matter to investo...
