This paper finds that firms with large asset opaqueness problems are more likely to receive split bond ratings from Moody's and Samp;P rating agencies, split rated bonds and bond with more opaque assets are more likely to have rating changes in the future. These results imply a causal link...

This paper examines the relationships between split ratings and ratings migration. We find that bonds with split ratings are more likely to have future rating changes. A one-notch (more-than-one-notch) split rating increases the probability of rating change within one year of initial issuance by...

We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody s and S&P rating agencies. Our results suggest that there is a causal link between asset opaqueness and split ratings....