The authors conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, they focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the...

This paper takes a look at two areas where the subprime crisis has triggered debate and is paving the way for possible movement towards greater global regulation: international banking supervision and the role of credit rating agencies. It surveys the varied range of opinions on the role that...

In contrast to the early-warning system literature, we find that currency and debt crises are not closely linked in emerging markets. We find that after 1994, credit ratings predict debt crises but fail to anticipate currency crises. When debt crises are defined as sovereign distress-when...