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Do Firms Issue Hybrid Bonds to Manage Credit Ratings and IFRS Leverage?

Bierey, Martin; Schmidt, Martin; Tokarski, Mateusz - 2022

Our study examines firms’ motivation to issue hybrid bonds. Hybrid bonds have been issued in more than 15 different countries around the world and have been the most relevant class of hybrid securities in these countries since 2005. A hybrid bond offers several structuring opportunities....

Persistent link: https://www.econbiz.de/10013296622

Assessing Corporate Credit Risk Transitions and Bankruptcy Prediction on SMEs as a Result of the COVID-19 Pandemic

Altman, Edward I.; Sieradzki, Rafal; Thlon, Michał - 2022

We estimate the impact of the COVID-19 pandemic on credit risk changes on a large sample of Polish SME firms. The Altman Z"-Score model, which has proven to be a powerful and robust bankruptcy prediction model across many industries and countries, is used to assess over 1,000 SMEs from seven...

Persistent link: https://www.econbiz.de/10013298186

Disclosure of climate change risk in credit ratings : an analytical framework to perform a status-quo assessment of the disclosure of climate change risks in rating methodologies a...

Breitenstein, Miriam; Ciummo, Stefania; Walch, Florian - 2022

Climate change can be a source of financial risk. This paper examines how credit rating agencies accepted by the Eurosystem incorporate climate change risk in their credit ratings. It also analyses how rating agencies disclose their assessments of climate change risks to rating users. The paper...

Persistent link: https://www.econbiz.de/10013368507

Credit Rating, Banks' Capital Structure and Speed of Adjustment : A Cross-Country Analysis

Wojewodzki, Michal; Boateng, Agyenim; Brahma, Sanjukta - 2022

Recent studies examining the effects of a credit rating on firms’ capital structure and adjustment of capital structure to target have focused predominantly on non-financial firms, with virtually no attention given to financial institutions. Using an international sample of 391 rated banks...

Persistent link: https://www.econbiz.de/10013404996

Disclosure of Climate Change Risk in Credit Ratings

Ciummo, Stefania; Walch, Florian; Breitenstein, Miriam - 2022

Persistent link: https://www.econbiz.de/10013491718

Faith-Based Financial Regulation : A Primer on Oversight of Credit Rating Organizations

Fitzpatrick, Thomas James; Sagers, Chris - 2011

During the past forty years, the simultaneous, symbiotic growth of financial innovation, disintermediation and deregulation has created an environment with extremely complex, opaque investment instruments. That system has now collapsed. At the very center of the crisis are a small group of...

Persistent link: https://www.econbiz.de/10014209183

Debt Maturity Structure and Credit Quality

Gopalan, Radhakrishnan - 2013

We examine whether a firm's debt maturity structure affects its credit quality. Consistent with theory, we find that firms with greater exposure to rollover risk (measured by the amount of long-term debt payable within a year relative to assets) have lower credit quality; long-term bonds issued...

Persistent link: https://www.econbiz.de/10013095543

Credit Fundamentals, Ratings and Value-at-Risk : CDOs versus Corporate Exposures

Fender, Ingo - 2013

This article compares the linkages between credit fundamentals, ratings and value-at-risk measures for CDO tranches with those for corporate bond exposures. A sensitivity analysis incorporating market information and rating migrations data reveals that the behaviour of CDO tranche ratings can...

Persistent link: https://www.econbiz.de/10013095643

Sample selection bias in mortgage market credit risk modeling

Lozinskaia, Agatha - In: Financial econometrics and empirical market microstructure, (pp. 249-262). 2015

Persistent link: https://www.econbiz.de/10011326622

Gender Bias and Credit Access

Ongena, Steven - 2015

This paper studies the causal effect of gender bias on access to bank credit. We extract an exogenous measure of gender … bias from survey responses by descendants of US immigrants on questions about the role of women in society. We then use … data on 6,000 small business firms from 17 countries and find that in countries with higher gender bias, female-owned firms …

Persistent link: https://www.econbiz.de/10013019627