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Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
Qasem, Ameen; Al-Duais, Shaker Dahan - In: Cogent Business & Management 8 (2021) 1, pp. 1-27
This study investigates the association between institutional investors' ownership and sell-side analysts' stock recommendations in the context of the heterogeneous nature of institutional investors. Based on a sample of 281 Malaysian public listed companies over the period 2008-2013 (732...
Persistent link: https://www.econbiz.de/10014001719
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Statistical properties and stability of ratings in a subset of US firms
Matthies, Alexander B. - 2013
Standard explanatory variables that determine credit ratings do not achieve significant effects in a sample of 100 US …-established macroeconomic effects of credit ratings found by Blume et al. (1998) and highlights the influence of the rating agencies' through …
Persistent link: https://www.econbiz.de/10010318733
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Empirical research on corporate credit-ratings: A literature review
Matthies, Alexander B. - 2013
We report on the current state and important older findings of empirical studies on corporate credit ratings and their … relationship to ratings of other entities. Specifically, we consider the results of three lines of research: The correlation of … credit ratings and corporate default, the influence of ratings on capital markets, and the determinants of credit ratings and …
Persistent link: https://www.econbiz.de/10010318748
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Financial intermediary balance sheet management
Adrian, Tobias; Shin, Hyun Song - 2011
Conventional discussions of balance sheet management by nonfinancial firms take the set of positive net present value (NPV) projects as given, which in turn determines the size of the firm's assets. The focus is on the composition of equity and debt in funding such assets. In contrast, the...
Persistent link: https://www.econbiz.de/10010287144
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European versus Anglo-Saxon credit view: Evidence from the eurozone sovereign debt crisis
Altdörfer, Marc; de las Salas Vega, Carlos A.; … - 2016
the assignment of sovereign credit ratings, using the Eurozone sovereign debt crisis of 2009-2012 as a natural laboratory … two more US-tied peers, assigned on average more favourable ratings to Eurozone issuers during the crisis. However, Fitch …'s better ratings for Eurozone issuers seem to be neglected by investors as they rather follow the rating actions of Moody's and …
Persistent link: https://www.econbiz.de/10011571051
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Crises and rating agencies: On the effect of aggregate uncertainty on rating agencies' incentives to distort ratings
Loerke, Petra; Niedermayer, Andreas - 2015
We analyze a rating agency's incentives to distort ratings in a model with a monopolistic profit maximizing rating …
Persistent link: https://www.econbiz.de/10011350845
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The power of opinion: More evidence of a GIPS-markup in sovereign ratings during the euro crisis
Nauhaus, Steffen - 2015
This paper examines whether the Big Three credit rating agencies actually played as active a role in the Euro Crisis as previously asserted. On the basis of panel data methods for a set of 11 EMU countries, the analysis reveals significant evidence for an arbitrary markup on the GIPS group of...
Persistent link: https://www.econbiz.de/10011319153
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Two-sided Certification: The market for Rating Agencies
Fasten, Erik R.; Hofmann, Dirk - 2010
Certifiers contribute to the sound functioning of markets by reducing a symmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If...
Persistent link: https://www.econbiz.de/10010334122
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Why they keep missing: An empirical investigation of rational inattention of rating agencies
El-Shagi, Makram; von Schweinitz, Gregor - 2017
Sovereign ratings have frequently failed to predict crises. However, the literature has focused on explaining rating … decision; (iii) markets only react to ratings providing new information; (iv) developed countries get preferential treatment. …
Persistent link: https://www.econbiz.de/10011627885
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Two-sided certification: The market for rating agencies
Fasten, Erik R.; Hofmann, Dirk - 2010
Certifiers contribute to the sound functioning of markets by reducing asymmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If the...
Persistent link: https://www.econbiz.de/10010270720