King, Michael R.; Ongena, Steven; Tarashev, Nikola A. - 2018 - Revised January 2018. - This version: January 6, 2018
We study a unique experiment to examine the importance of rating agencies' private information for bank shareholders …. On July 20, 2011, Fitch Ratings refined their bank standalone ratings, which measure intrinsic financial strength, from a … standalone rating refinement was cleanly limited to bank shareholders. We find evidence suggesting that the refinement resulted …
