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Disagreement between rating agencies and bond opacity : a theoretical perspective
Hauck, Achim; Neyer, Ulrike - In: Economics letters 123 (2014) 1, pp. 82-85
Persistent link: https://www.econbiz.de/10010396512
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Ratings as Measure of Financial Risk: Evolution, Function and Usage
Karminsky, Alexandr; Peresetsky, Anatoly - In: Journal of the New Economic Association (2009) 1-2, pp. 86-102
, methods of assigning ratings, rating classification, function and the directions of use. …
Persistent link: https://www.econbiz.de/10008526693
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Legal protection of investors, corporate governance, and investable premia in emerging markets
Kinsella, Stephen; O'Connor, Thomas; O'Sullivan, Vincent - Geary Institute, University College Dublin - 2011
We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, and investable premia in emerging markets. In a multi country setting and using a novel dataset we find that better-governed firms experience...
Persistent link: https://www.econbiz.de/10009249165
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What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence
Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008
We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...
Persistent link: https://www.econbiz.de/10011090634
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Empirical Research on Corporate Credit-Ratings: A Literature Review
Matthies, Alexander B. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 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/10010602092
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Was the Crisis due to a shift from stakeholder to shareholder finance? Surveying the debate
Ferri, Giovanni; Leogrande, Angelo - Money and Finance Research group (Mo.Fi.R.) - 2015
We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often...
Persistent link: https://www.econbiz.de/10011273101
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Statistical properties and stability of ratings in a subset of US firms
Matthies, Alexander B. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 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/10011277271
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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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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