Korkeamäki, Timo; Pöyry, Salla; Suo, Maiju - In: China Economic Review 31 (2014) C, pp. 1-16
We study whether local credit ratings alleviate information asymmetry inherent in the fast growing Chinese market by examining the syndicate structure of loans issued by Chinese borrowers in 2003–2011. Despite the common criticism regarding the quality of Chinese credit ratings, our results...