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'Bad News is Good News!' An Empirical Study of the U.S. Credit Rating Changes
Chan, Pak To - 2012
This paper examines the price effects following credit rating revisions. We find a new return series after the announcement of credit downgrades. Contrary to the most recent US studies by Griffin and Sanvicente (1982), Holthausen and Leftwich (1986), Hand et al. (1992), and Dichev and Piotroski...
Persistent link: https://www.econbiz.de/10013116816
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Sterowanie ryzykiem kredytowym w działalności przedsiębiorstw (Management of a Company's Credit Risk Rating)
Wyrobek, Joanna M. - 2012
The purpose of the article was to present the methods of adjusting the credit risk level of a company. It turns out that, to some extend, companies can modify their credit rating.Celem opracowania było przedstawienie metod jak przedsiębiorstwo może zmieniać swój poziom ryzyka. Okazuje się...
Persistent link: https://www.econbiz.de/10013108548
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Credit Rating Changes and Earnings Management
Kim, Young Sang - 2013
We examine whether they engage in income-increasing accruals manipulation (AM) or real activities earnings management (RM) to affect the future rating changes when firm managers have private information about the upcoming credit rating change. Using the large sample of U.S. data over the period...
Persistent link: https://www.econbiz.de/10013088530
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Dodd-Frank, Securitization, and the Subprime Mortgage Crisis
Hoffman, Stephen P. - 2013
There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the...
Persistent link: https://www.econbiz.de/10013090228
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Do Multiple Credit Ratings Reduce Money Left on the Table? Evidence from U.S. IPOs
Goergen, Marc - 2020
We examine initial public offerings (IPOs) with single, multiple, and no credit ratings. We document a beneficial effect of credit ratings provided by the three main credit rating agencies on IPO underpricing, which is amplified by the existence of multiple credit ratings. Credit rating levels...
Persistent link: https://www.econbiz.de/10012849783
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Do multiple credit ratings reduce money left on the table? : evidence from U.S. IPOs
Goergen, Marc; Gounopoulos, Dimitrios; Koutroumpis, … - 2019 - This Draft: March 2019
We examine initial public offerings (IPOs) with single, multiple, and no credit ratings. We document a beneficial effect of credit ratings on IPO underpricing, which is amplified by the existence of multiple credit ratings. Multiple ratings also reduce the extent of filing price revisions....
Persistent link: https://www.econbiz.de/10011979253
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The Different Return Effects on Trade Debt : The Two Way Reinforcement of Creditworthiness
Oliveira Marques, Justino Manuel - 2016
Trade debt will be a permanent and very important source of short-term financing. Different types of return ratios have a decisive and different impact on trade debt. In fact, internal return ratios are able to explain firms' short-term financial behavioural towards an increase (or decrease) on...
Persistent link: https://www.econbiz.de/10012999634
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The Impact of Credit Rating Information on Disclosure Quality
Chi, Yung-Ling - 2020
Do credit ratings affect the information content of corporate disclosure? Using novel data on rating analysts to obtain exogenous variation in rating information, we find that greater uncertainty in credit ratings increases the quality of information disclosed by the firm. This is consistent...
Persistent link: https://www.econbiz.de/10012849096
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Factors Affecting the Credit-Worthiness of Borrowers from MSME Sector
Khan, Aliya - 2012
MSME sector. The study uses discriminant analysis to identify significant factors that can be used to differentiate between … need special attention to reduce the risk of default. The analysis also highlights factors that should be considered for … existing borrowers during annual as well as quarterly credit risk analysis, in order to identify existing borrowers vulnerable …
Persistent link: https://www.econbiz.de/10013112102
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Tails of credit default portfolios
Kuhn, Gabriel (contributor) - 2004
Persistent link: https://www.econbiz.de/10002727312