Liu, Pu; Seyyed, Fazal J.; Smith, Stanley D. - In: Journal of Business Finance & Accounting 26 (1999-04) 3-4, pp. 337-363
On April 26, 1982, Moody's Investors Service refined its rating system for the first time in its seventy-three year rating history. We examine the information content of the rating refinement in the study. We find a statistically significant change in the yields on bonds whose ratings were...
