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Does it matter who pays for bond ratings? Historical evidence

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Cited by:

  1. Attig, Najah & Driss, Hamdi & El Ghoul, Sadok, 2021. "Credit ratings quality in uncertain times," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
  2. Kladakis, George & Chen, Lei & Bellos, Sotirios K., 2020. "Bank asset and informational quality," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 69(C).
  3. Nanda, Vikram & Wu, Wei & Zhou, Xing (Alex), 2019. "Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(6), pages 2543-2574, December.
  4. Anil K. Kashyap & Natalia Kovrijnykh, 2016. "Who Should Pay for Credit Ratings and How?," The Review of Financial Studies, Society for Financial Studies, vol. 29(2), pages 420-456.
  5. Anne Beatty & Jacquelyn Gillette & Reining Petacchi & Joseph Weber, 2019. "Do Rating Agencies Benefit from Providing Higher Ratings? Evidence from the Consequences of Municipal Bond Ratings Recalibration," Journal of Accounting Research, Wiley Blackwell, vol. 57(2), pages 323-354, May.
  6. Jodi L. Short & Michael W. Toffel & Andrea R. Hugill, 2016. "Code Contingencies: Designing Monitoring Regimes to Promote Improvement in Supply Chain Working Conditions," Harvard Business School Working Papers 17-001, Harvard Business School, revised Mar 2019.
  7. Jodi L. Short & Michael W. Toffel & Andrea R. Hugill, 2020. "Improving Working Conditions in Global Supply Chains: The Role of Institutional Environments and Monitoring Program Design," ILR Review, Cornell University, ILR School, vol. 73(4), pages 873-912, August.
  8. Xudong An & Larry Cordell & Joseph B. Nichols, 2020. "Reputation, Information, and Herding in Credit Ratings: Evidence from CMBS," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 476-504, October.
  9. Sanghoon Kim, 2024. "Informed agent’s advice in bargaining under two-sided incomplete information," Journal of Economics, Springer, vol. 143(2), pages 183-205, October.
  10. Keser, Claudia & Özgümüs, Asri & Peterlé, Emmanuel & Schmidt, Martin, 2017. "An experimental investigation of rating-market regulation," Journal of Economic Behavior & Organization, Elsevier, vol. 144(C), pages 78-86.
  11. Bhattacharya, Utpal & Wei, Kelsey D. & Xia, Han, 2019. "Follow the money: Investor trading around investor-paid credit rating changes," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 68-91.
  12. Patrycja Chodnicka-Jaworska, 2016. "Credit Ratings Inflation Phenomenon – Are There Any Diffrences in the Credit Ratings Determinants? (Zjawisko inflacji credit ratingow – czy wystepuja roznice w determinantach credit ratingow?)," Research Reports, University of Warsaw, Faculty of Management, vol. 2(22), pages 48-59.
  13. Abad, Pilar & Ferreras, Rodrigo & Robles, M-Dolores, 2019. "Informational role of rating revisions after reputational events and regulation reforms," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 91-103.
  14. Luitel, Prabesh & Vanpée, Rosanne & De Moor, Lieven, 2016. "Pernicious effects: How the credit rating agencies disadvantage emerging markets," Research in International Business and Finance, Elsevier, vol. 38(C), pages 286-298.
  15. Jodi L. Short & Michael W. Toffel & Andrea Read Hugill, 2013. "Monitoring Global Supply Chains," Harvard Business School Working Papers 14-032, Harvard Business School, revised Jun 2015.
  16. Wai Choi Lee & Jianfu Shen & Tsun Se Cheong & Michal Wojewodzki, 2021. "Detecting conflicts of interest in credit rating changes: a distribution dynamics approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-23, December.
  17. Bedendo, Mascia & Cathcart, Lara & El-Jahel, Lina, 2018. "Reputational shocks and the information content of credit ratings," Journal of Financial Stability, Elsevier, vol. 34(C), pages 44-60.
  18. Panle Jia Barwick & Parag A. Pathak & Maisy Wong, 2015. "Conflicts of Interest and the Realtor Commission Puzzle," NBER Working Papers 21489, National Bureau of Economic Research, Inc.
  19. Xiaoyang Zhuo & Guangli Xu & Yongjin Wang, 2017. "The Issuer-pays Business Model and Competitive Rating Market: Rating Network Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 55(2), pages 216-241, August.
  20. Christophe Cahn & Mattia Girotti & Federica Salvadè, 2018. "External Credit Ratings and Bank Lending," Working papers 691, Banque de France.
  21. Nguyen, Quan M.P. & Do, Hung Xuan & Molchanov, Alexander & Nguyen, Lily & Nguyen, Nhut H., 2023. "Political similarities in credit ratings," International Review of Financial Analysis, Elsevier, vol. 86(C).
  22. Bonsall, Samuel B., 2014. "The impact of issuer-pay on corporate bond rating properties: Evidence from Moody׳s and S&P׳s initial adoptions," Journal of Accounting and Economics, Elsevier, vol. 57(2), pages 89-109.
  23. Jess N. Cornaggia & Kimberly J. Cornaggia & John E. Hund, 2017. "Credit Ratings Across Asset Classes: A Long-Term Perspective," Review of Finance, European Finance Association, vol. 21(2), pages 465-509.
  24. Gwion Williams & Rasha Alsakka & Owain ap Gwilym, 2013. "The Impact of Sovereign Credit Signals on Bank Share Prices during the European Sovereign Debt Crisis," Working Papers 13007, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
  25. Cornaggia, Jess & Cornaggia, Kimberly J. & Xia, Han, 2016. "Revolving doors on Wall Street," Journal of Financial Economics, Elsevier, vol. 120(2), pages 400-419.
  26. Liu, Yan, 2023. "Essays on credit rating agencies in China," Other publications TiSEM b54b3315-1185-48b8-aaf8-8, Tilburg University, School of Economics and Management.
  27. Sean Flynn & Andra Ghent, 2018. "Competition and Credit Ratings After the Fall," Management Science, INFORMS, vol. 64(4), pages 1672-1692, April.
  28. Sungchan Kim & Soyoung Park, 2016. "Credit Rating Inflation during the 2000s: Lessons from the U.S. State Governments," International Journal of Economics and Financial Issues, Econjournals, vol. 6(1), pages 13-19.
  29. Berwart, Erik & Guidolin, Massimo & Milidonis, Andreas, 2019. "An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 88-118.
  30. Kedia, Simi & Rajgopal, Shivaram & Zhou, Xing (Alex), 2017. "Large shareholders and credit ratings," Journal of Financial Economics, Elsevier, vol. 124(3), pages 632-653.
  31. Andra C. Ghent & Kristian R. Miltersen & Walter N. Torous, 2020. "Second Mortgages: Valuation and Implications for the Performance of Structured Financial Products," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(4), pages 1234-1273, December.
  32. Hung, Mingyi & Kraft, Pepa & Wang, Shiheng & Yu, Gwen, 2022. "Market power and credit rating standards: Global evidence," Journal of Accounting and Economics, Elsevier, vol. 73(2).
  33. Patrycja Chodnicka-Jaworska, 2017. "Rating kredytowy emitenta i inwestora – porównanie wp³ywu determinant," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 15(66), pages 64-78.
  34. Huang, Yu-Li & Shen, Chung-Hua, 2021. "From revenue to safety: Rating agencies have changed their concerns after the crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
  35. Itay Goldstein & Chong Huang, 2020. "Credit Rating Inflation and Firms' Investments," Journal of Finance, American Finance Association, vol. 75(6), pages 2929-2972, December.
  36. Divya Anantharaman, 2017. "The role of specialists in financial reporting: Evidence from pension accounting," Review of Accounting Studies, Springer, vol. 22(3), pages 1261-1306, September.
  37. Eliza Xia Zhang, 2020. "The impact of cash flow management versus accruals management on credit rating performance and usage," Review of Quantitative Finance and Accounting, Springer, vol. 54(4), pages 1163-1193, May.
  38. Anne Bowers & Matteo Prato, 2019. "The Role of Third-Party Rankings in Status Dynamics: How Does the Stability of Rankings Induce Status Changes?," Organization Science, INFORMS, vol. 30(6), pages 1146-1164, November.
  39. Haoyi Yang & Shikong Luo, 2023. "A dark side to options trading? Evidence from corporate default risk," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 531-564, February.
  40. Zhao, Sheng & Moreira, Fernando & Wang, Tong, 2021. "Is solicitation status related to rating conservatism and rating quality?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
  41. Sumit Agarwal & Vincent Y. S. Chen & Weina Zhang, 2016. "The Information Value of Credit Rating Action Reports: A Textual Analysis," Management Science, INFORMS, vol. 62(8), pages 2218-2240, August.
  42. Wenming Xu & Yan Liu, 2021. "Does reputational capital affect credit rating agencies?: empirical evidence from a natural experiment in China," European Journal of Law and Economics, Springer, vol. 51(3), pages 433-468, June.
  43. Brian Fabo & Martina Jancokova & Elisabeth Kempf & Lubos Pastor, 2020. "Fifty Shades of QE: Conflicts of Interest in Economic Research," Working and Discussion Papers WP 5/2020, Research Department, National Bank of Slovakia.
  44. Baghai, Ramin P. & Becker, Bo, 2018. "Non-rating revenue and conflicts of interest," Journal of Financial Economics, Elsevier, vol. 127(1), pages 94-112.
  45. Minkwan Ahn & Samuel B. Bonsall & Andrew Buskirk, 2019. "Do managers withhold bad news from credit rating agencies?," Review of Accounting Studies, Springer, vol. 24(3), pages 972-1021, September.
  46. Jodi L. Short & Michael W. Toffel & Andrea R. Hugill, 2016. "Monitoring global supply chains," Strategic Management Journal, Wiley Blackwell, vol. 37(9), pages 1878-1897, September.
  47. Khatami, Seyed Hossein & Marchica, Maria-Teresa & Mura, Roberto, 2016. "Rating friends: The effect of personal connections on credit ratings," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 222-241.
  48. Patrick Behr & Darren J. Kisgen & Jérôme P. Taillard, 2018. "Did Government Regulations Lead to Inflated Credit Ratings?," Management Science, INFORMS, vol. 64(3), pages 1034-1054, March.
  49. Stephanie Meyr & Sharon Tennyson, 2015. "Product Ratings as a Market Reaction to Deregulation: Evidence From the German Insurance Market," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(1), pages 77-100, March.
  50. Leo Tang & Marietta Peytcheva & Pei Li, 2020. "Investor-Paid Ratings and Conflicts of Interest," Journal of Business Ethics, Springer, vol. 163(2), pages 365-378, May.
  51. Lukyanov, Georgy & Shamruk, Konstantin & Su, Tong & Wakrim, Ahmed, 2022. "Public communication with externalities," Games and Economic Behavior, Elsevier, vol. 136(C), pages 177-196.
  52. Gregor Dorfleitner & Johannes Grebler, 2020. "The social and environmental drivers of corporate credit ratings: international evidence," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 1343-1415, November.
  53. Yixiao Jiang, 2021. "Semiparametric Estimation of a Corporate Bond Rating Model," Econometrics, MDPI, vol. 9(2), pages 1-20, May.
  54. Bonsall, Samuel B. & Gillette, Jacquelyn R. & Pundrich, Gabriel & So, Eric, 2024. "Conflicts of interest in subscriber-paid credit ratings," Journal of Accounting and Economics, Elsevier, vol. 77(1).
  55. Liu, Xiaojian & Chong, Beng Soon & Feng, Xiaozhi, 2023. "Does the market differentiate between investor-paid and issuer-paid ratings in the pricing of asset-backed securities?," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
  56. 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.
  57. Sugata Roychowdhury & Suraj Srinivasan, 2019. "The Role of Gatekeepers in Capital Markets," Journal of Accounting Research, Wiley Blackwell, vol. 57(2), pages 295-322, May.
  58. Lawrence J. White, 2013. "Credit Rating Agencies: An Overview," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 93-122, November.
  59. Xia, Han, 2014. "Can investor-paid credit rating agencies improve the information quality of issuer-paid rating agencies?," Journal of Financial Economics, Elsevier, vol. 111(2), pages 450-468.
  60. Dimitrov, Valentin & Palia, Darius & Tang, Leo, 2015. "Impact of the Dodd-Frank act on credit ratings," Journal of Financial Economics, Elsevier, vol. 115(3), pages 505-520.
  61. Ke Sun, 2022. "Do Rating Change Announcements Transfer Effective Information? Test on the Effectiveness and Sustainability of Credit Rating in China," Sustainability, MDPI, vol. 14(21), pages 1-15, October.
  62. Panle Jia Barwick & Parag A. Pathak & Maisy Wong, 2017. "Conflicts of Interest and Steering in Residential Brokerage," American Economic Journal: Applied Economics, American Economic Association, vol. 9(3), pages 191-222, July.
  63. Klusak, Patrycja & Thornton, John & Uymaz, Yurtsev, 2020. "Do personal connections improve sovereign credit ratings?," Finance Research Letters, Elsevier, vol. 33(C).
  64. Mo, Guiqing & Gao, Zhi & Zhou, Lei, 2021. "China's no-bailout reform: Impact on bond yields and rating standards," Journal of Banking & Finance, Elsevier, vol. 133(C).
  65. Oana Branzei & Jeff Frooman & Brent Mcknight & Charlene Zietsma, 2018. "What Good Does Doing Good do? The Effect of Bond Rating Analysts’ Corporate Bias on Investor Reactions to Changes in Social Responsibility," Journal of Business Ethics, Springer, vol. 148(1), pages 183-203, March.
  66. Huang, Yu-Li & Shen, Chung-Hua, 2019. "What role does the investor-paid rating agency play in China? Competitor or information provider," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 253-272.
  67. Gerald J. Lobo & Luc Paugam & Hervé Stolowy & Pierre Astolfi, 2017. "The Effect of Business and Financial Market Cycles on Credit Ratings: Evidence from the Last Two Decades," Abacus, Accounting Foundation, University of Sydney, vol. 53(1), pages 59-93, March.
  68. Krystyniak, Karolina & Staneva, Viktoriya, 2024. "The myth of tightening credit rating standards in the market for corporate debt," Journal of Banking & Finance, Elsevier, vol. 162(C).
  69. Francis, Bill & Hasan, Iftekhar & Wu, Qiang & Park, Jong Chool, 2014. "Gender differences in financial reporting decision-making: Evidence from accounting conservatism," Bank of Finland Research Discussion Papers 1/2014, Bank of Finland.
  70. Hu, Xiaolu & Huang, Haozhi & Pan, Zheyao & Shi, Jing, 2019. "Information asymmetry and credit rating: A quasi-natural experiment from China," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 132-152.
  71. 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.
  72. Livingston, Miles & Poon, Winnie P.H. & Zhou, Lei, 2018. "Are Chinese credit ratings relevant? A study of the Chinese bond market and credit rating industry," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 216-232.
  73. deHaan, Ed & Li, Jiacui & Watts, Edward M., 2023. "Retail bond investors and credit ratings," Journal of Accounting and Economics, Elsevier, vol. 76(1).
  74. Mathias Kronlund, 2020. "Do Bond Issuers Shop for Favorable Credit Ratings?," Management Science, INFORMS, vol. 66(12), pages 5944-5968, December.
  75. Chandan Sharma & Archana Singh & Rajan Yadav, 2023. "Impact of Competition in Credit Rating Industry: Evidence From India," SAGE Open, , vol. 13(1), pages 21582440221, January.
  76. Yue, Heng & Zhang, Liandong & Zhong, Qinlin, 2022. "The politics of bank opacity," Journal of Accounting and Economics, Elsevier, vol. 73(2).
  77. Dimitar Rafailov, 2020. "Regulation of Credit Rating Agencies - Different Views and Solutions," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 9(2), pages 13-22, August.
  78. Yiwei Dou, 2020. "The Debt-Contracting Value of Accounting Numbers and Financial Covenant Renegotiation," Management Science, INFORMS, vol. 66(3), pages 1124-1148, March.
  79. Kejia Hu & Sunil Chopra & Yuche Chen, 2021. "The Effect of Tightening Standards on Automakers’ Non‐compliance," Production and Operations Management, Production and Operations Management Society, vol. 30(9), pages 3094-3115, September.
  80. Bill Francis & Iftekhar Hasan & Jong Chool Park & Qiang Wu, 2015. "Gender Differences in Financial Reporting Decision Making: Evidence from Accounting Conservatism," Contemporary Accounting Research, John Wiley & Sons, vol. 32(3), pages 1285-1318, September.
  81. Samuel B. Bonsall & Kevin Koharki & Pepa Kraft & Karl A. Muller & Anywhere Sikochi, 2023. "Do Rating Agencies Behave Defensively for Higher Risk Issuers?," Management Science, INFORMS, vol. 69(8), pages 4864-4887, August.
  82. Kraft, Pepa & Xie, Yuan & Zhou, Ling, 2020. "The intraday timing of rating changes," Journal of Corporate Finance, Elsevier, vol. 60(C).
  83. repec:zbw:bofrdp:2014_001 is not listed on IDEAS
  84. Dong Chen, 2014. "The Non-monotonic Effect of Board Independence on Credit Ratings," Journal of Financial Services Research, Springer;Western Finance Association, vol. 45(2), pages 145-171, April.
  85. Toscano, Francesca, 2020. "Does the Dodd-Frank Act reduce the conflict of interests of credit rating agencies?," Journal of Corporate Finance, Elsevier, vol. 62(C).
  86. Kedia, Simi & Rajgopal, Shivaram & Zhou, Xing, 2014. "Did going public impair Moody׳s credit ratings?," Journal of Financial Economics, Elsevier, vol. 114(2), pages 293-315.
  87. Anna Bayona & Oana Peia & Razvan Vlahu, 2023. "Credit Ratings and Investments," Working Papers 776, DNB.
  88. Oh, Kwang Wuk & Kim, Hyun Ah, 2019. "Are inflated domestic credit ratings relative to global ratings associated with peer firms’ investment decisions? Evidence from Korea," Japan and the World Economy, Elsevier, vol. 51(C), pages 1-1.
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