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The role of information asymmetry and financial reporting quality in debt contracting: evidence from the secondary loan market
Wittenberg-Moerman, Regina - Federal Reserve Bank of Chicago - 2006
asymmetry environment. Loans of private firms, loans without an available credit rating, loans syndicated by less reputable … arrangers, distressed loans, and loans of loss firms are traded at significantly higher bid-ask spreads. Second, timely … incorporation of economic losses into borrowers’ financial statements reduces the bid-ask spread at which their loans are traded …
Persistent link: https://www.econbiz.de/10010724194
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The Transmission of Liquidity Shocks: The Role of Internal Capital Markets and Bank Funding Strategies
Karam, Philippe D; Merrouche, Ouarda; Souissi, Moez; … - International Monetary Fund (IMF) - 2014
We analyze the transmission of bank-specific liquidity shocks triggered by a credit rating downgrade through the lending channel. Using bank-level data for US Bank Holding Companies, we find that a credit rating downgrade is associated with an immediate and persistent decline in access to...
Persistent link: https://www.econbiz.de/10011105397
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Development and structuring of commercial mortgage-backed securities in Australia
Chikolwa, Bwembya - 2008
According to the Reserve Bank of Australia (2006) the increased supply of Commercial Mortgage-Backed Securities (CMBS), with a range of subordination, has broadened the investor base in real estate debt markets and reduced the commercial property sector’s dependence on bank financing The CMBS...
Persistent link: https://www.econbiz.de/10009437644
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ESSAYS ON FORCES UNDERLYING 2008 FINANCIAL CRISIS: CREDIT RATING AGENCIES AND INVESTOR SENTIMENT
Alp, Aysun - 2010
The roots of the 2008 financial crisis are often traced back to the collapse of the housing bubble. The factors that precipitated the crisis, and propagated its effects on firms and consumers to produce an economic contraction, are still the subject of ongoing debate among academics, policy...
Persistent link: https://www.econbiz.de/10009450957
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A Critique on the Proposed Use of External Sovereign Credit Ratings in Basel II
Kraeussl, Roman - Center for Financial Studies - 2003
This paper deals with the proposed use of sovereign credit ratings in the Basel Accord on Capital Adequacy (Basel II) and considers its potential effect on emerging markets financ-ing. It investigates in a first attempt the consequences of the planned revisions on the two central aspects of...
Persistent link: https://www.econbiz.de/10010986402
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Do Changes in Sovereign Credit Ratings Contribute to Financial Contagion in Emerging Market Crises?
Kraeussl, Roman - Center for Financial Studies - 2003
Credit rating changes for long-term foreign currency debt may act as a wake-up call with up-grades and downgrades in one country affecting other financial markets within and across national borders. Such a potential (contagious) rating effect is likely to be stronger in emerg-ing market...
Persistent link: https://www.econbiz.de/10010986412
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Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?
Kraeussl, Roman - Center for Financial Studies - 2003
The experience in the period during and after the Asian crisis of 1997-98 has provoked an extensive debate about the credit rating agencies evaluation of sovereign risk in emerging markets lending. This study analyzes the role of credit rating agencies in international financial markets,...
Persistent link: https://www.econbiz.de/10010986480
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Can rating agencies look through the cycle?
Löffler, Gunter - In: Review of Quantitative Finance and Accounting 40 (2013) 4, pp. 623-646
Rating agencies claim to look through the cycle when assigning corporate credit ratings, which entails that they are able to separate trend components of default risk from transitory ones. To test whether agencies possess this competence, I take market-based estimates of 1-year default...
Persistent link: https://www.econbiz.de/10010989609
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Corporate Social Responsibility and Credit Ratings
Attig, Najah; Ghoul, Sadok El; Guedhami, Omrane; Suh, … - In: Journal of Business Ethics 117 (2013) 4, pp. 679-694
This study provides evidence on the relationship between corporate social responsibility (CSR) and firms’ credit ratings. We find that credit rating agencies tend to award relatively high ratings to firms with good social performance. This pattern is robust to controlling for key firm...
Persistent link: https://www.econbiz.de/10010989971
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Bond Pricing Before and after EMU From the Experience of the “European South”
A. Antzoulatos, Angelos; Klinaki, Eleni - In: Journal of Economic Integration 17 (2002), pp. 153-163
We use an extensive sample of 763 bonds issued by financial institutions of three countries of the “European South”, in 1997, one year before the selection of the “first-wave” EMU participants, and in 1999, EMU’ s starting year, to investigate the extent to which the aforementioned...
Persistent link: https://www.econbiz.de/10010991731