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Information about credit quality is uncertain and varies across debt maturity. We show that an ambiguity-averse firm manager will avoid maturities with ambiguous credit information. We thus hypothesize that firms choose maturity structures where perceived credit quality uncertainty is lower....
Persistent link: https://www.econbiz.de/10013296561
monitoring, as theory suggests. However, our tests also reveal that publicly available information from a credit bureau is not …
Persistent link: https://www.econbiz.de/10013081556
The timeliness of the credit rating of a firm has been frequently called into question over the previous two decades. This paper examines whether changes in credit ratings can be updated more frequently than at the frequency of updates in the accounting data. The paper finds that, when market...
Persistent link: https://www.econbiz.de/10014239653
to predict future credit bureau ratings. This is evidence that bank credit ratings, consistent with theory, contain …
Persistent link: https://www.econbiz.de/10013008871
from monitoring, as theory suggests. Banks' private information increases with the size of loans …
Persistent link: https://www.econbiz.de/10012988405
This paper contributes new evidence on market pricing of rating changes. We examine the relation between spreads and ratings for a very large and comprehensive sample of corporate bonds, which allows us to test for country- and industry-specific effects, as well as to explore the differences...
Persistent link: https://www.econbiz.de/10013061797
This paper attempts to investigate the impact of credit information sharing on bank-specific stock price crash risk. Using a sample of 1,402 listed-banks in 55 countries for the period 2005-2013, we show that credit information sharing through public credit registries is negatively associated...
Persistent link: https://www.econbiz.de/10012926760
Kredit und Kreditrisiko -- Kreditderivate -- Der Credit Default Swap (CDS) -- Externes Rating, CDS und Informationseffi … anderer etablierter Märkte, auf denen das Kreditrisiko relevant ist, sowie dem des externen Rating gegenüber. Sie zeigt …
Persistent link: https://www.econbiz.de/10013517112
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