corporations of which the bankruptcy risks and the ROA volatility increased significantly. This study provides the reinforcement of …

rating on firm valuation. In particular, this paper estimates the effect of the credit rating on stock return and volatility …(s) while others do not. The estimation results show that the credit rating reduces the volatility of stock return while it does … imperfect information on the intrinsic value of the firm, reducing the volatility of stock return. Therefore, the credit rating …

credit rating on volatility of debt financing and provides evidence that credit rating reduces the volatility of those while … the volatility of corporate debt financing. The evidences in this study address policy agenda that the expansion of credit …