Kisgen, Darren J.; Strahan, Philip E. - In: Review of Financial Studies 23 (2010) 12, pp. 4324-4347
In February 2003, the U.S. Securities and Exchange Commission officially certified a fourth credit rating agency, Dominion Bond Rating Service (DBRS), for use in bond investment regulations. After DBRS certification, bond yields change in the direction implied by the firm's DBRS rating relative...