BAGHAI, RAMIN P.; SERVAES, HENRI; TAMAYO, ANE - In: Journal of Finance 69 (2014) 5, pp. 1961-2005
type="main" <title type="main">ABSTRACT</title> <p>Rating agencies have become more conservative in assigning corporate credit ratings over the period 1985 to 2009; holding firm characteristics constant, average ratings have dropped by three notches. This change does not appear to be fully warranted because defaults have...</p>
