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The Information Content of Municipal Bond Rating Changes: A Note

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  • Ingram, Robert W
  • Brooks, Leroy D
  • Copeland, Ronald M

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Suggested Citation

  • Ingram, Robert W & Brooks, Leroy D & Copeland, Ronald M, 1983. "The Information Content of Municipal Bond Rating Changes: A Note," Journal of Finance, American Finance Association, vol. 38(3), pages 997-1003, June.
    • Handle: RePEc:bla:jfinan:v:38:y:1983:i:3:p:997-1003
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    Cited by:

    1. Jacquelyn R. Gillette & Delphine Samuels & Frank S. Zhou, 2020. "The Effect of Credit Ratings on Disclosure: Evidence from the Recalibration of Moody's Municipal Ratings," Journal of Accounting Research, Wiley Blackwell, vol. 58(3), pages 693-739, June.
    2. Abhay Aneja & Marian Moszoro & Pablo T. Spiller, 2015. "Political Bonds: Political Hazards and the Choice of Municipal Financial Instruments," NBER Working Papers 21188, National Bureau of Economic Research, Inc.
    3. Hassan R. HassabElnaby, 2006. "Waiving Technical Default: The Role of Agency Costs and Bank Regulations," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9‐10), pages 1368-1389, November.
    4. Stéphanie Serve, 2002. "Le recours au financement désintermédié par une collectivité locale et l'évaluation de la prime de risque obligataire: le cas de la ville de Marseille," Revue Finance Contrôle Stratégie, revues.org, vol. 5(2), pages 107-142, June.
    5. Ying Yi Tsai & Li-Gang Liu, 2010. "Emergence of Rating Agencies : Implications for Establishing a Regional Rating Agency in Asia," Finance Working Papers 22824, East Asian Bureau of Economic Research.
    6. Rivers, Mary Jean & Yates, Barbara M., 1997. "City size and geographic segmentation in the municipal bond market," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(3), pages 633-645.
    7. Bo Becker & Todd Milbourn, 2008. "Reputation and competition: evidence from the credit rating industry," Harvard Business School Working Papers 09-051, Harvard Business School, revised Sep 2010.
    8. Mendoza-Velázquez, Alfonso, 2009. "The information content and redistribution effects of state and municipal rating changes in Mexico," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-21.
    9. Valentina Bruno & Jess Cornaggia & Kimberly J. Cornaggia, 2016. "Does Regulatory Certification Affect the Information Content of Credit Ratings?," Management Science, INFORMS, vol. 62(6), pages 1578-1597, June.
    10. He, Yan & Wang, Junbo & Wei, K.C. John, 2011. "Do bond rating changes affect the information asymmetry of stock trading?," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 103-116, January.
    11. Bremer, Marc & Pettway, Richard H., 2002. "Information and the market's perceptions of Japanese bank risk: Regulation, environment, and disclosure," Pacific-Basin Finance Journal, Elsevier, vol. 10(2), pages 119-139, April.
    12. Ken Hung & Hui Wen Cheng & Shih-shen Chen & Ying-Chen Huang, 2013. "Factors that Affect Credit Rating: An Application of Ordered Probit Models," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 94-108, December.
    13. Ying Yi Tsai & Li-Gang Liu, 2010. "Emergence of Rating Agencies: Implications for Establishing a Regional Rating Agency in Asia," Working Papers id:2927, eSocialSciences.
    14. Kenneth A. Kriz & Yan Xiao, 2017. "The Impact of Rating Recalibration on Municipal Bond Yield Spreads," Public Budgeting & Finance, Wiley Blackwell, vol. 37(2), pages 83-101, June.
    15. Yung‐Ling Chi & Sean Flynn, 2022. "The impact of credit rating information on disclosure quality," Financial Management, Financial Management Association International, vol. 51(1), pages 73-115, March.
    16. Janilson Antonio da Silva Suzart & Ariovaldo dos Santos, 2016. "The Predictive Value of Government Accounting Information and the Secondary Brazilian Bond Market," International Business Research, Canadian Center of Science and Education, vol. 9(4), pages 31-44, April.
    17. Jess N. Cornaggia & Kimberly J. Cornaggia & Ryan D. Israelsen, 2020. "Where the Heart Is: Information Production and the Home Bias," Management Science, INFORMS, vol. 66(12), pages 5532-5557, December.
    18. Angeloantonio Russo & Massimo Mariani & Alessandra Caragnano, 2021. "Exploring the determinants of green bond issuance: Going beyond the long‐lasting debate on performance consequences," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 38-59, January.
    19. Stephanie F. Cheng, 2021. "The Information Externality of Public Firms’ Financial Information in the State‐Bond Secondary Market," Journal of Accounting Research, Wiley Blackwell, vol. 59(2), pages 529-574, May.
    20. Arthur Allen & George Sanders & Donna Dudney, 2009. "Should more local governments purchase a bond rating?," Review of Quantitative Finance and Accounting, Springer, vol. 32(4), pages 421-438, May.
    21. Brune, Chris & Liu, Pu, 2011. "The contagion effect of default risk insurer downgrades: The impact on insured municipal bonds," Journal of Economics and Business, Elsevier, vol. 63(5), pages 492-502, September.
    22. Skip Krueger & Robert W. Walker, 2008. "Divided Government, Political Turnover, and State Bond Ratings," Public Finance Review, , vol. 36(3), pages 259-286, May.
    23. Perraudin, William & Taylor, Alex P., 2004. "On the consistency of ratings and bond market yields," Journal of Banking & Finance, Elsevier, vol. 28(11), pages 2769-2788, November.

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