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Do Firms Target Credit Ratings or Leverage Levels?
Firms reduce leverage credit rating downgrades net equity assets compared Rating upgrades
2011/9/2
Firms reduce leverage following credit rating downgrades. In the year following a downgrade, downgraded firms issue approximately 1.5%--2.0% less net debt relative to net equity as a percentage of ass...
Multiple Credit Ratings, Cost of Debt and Self-Selection
credit ratings default risk selection bias
2011/9/2
In a world where firms pay for credit ratings and (because of regulatory requirements) where some investors must pay attention to the ratings of some specified set of raters, it may well be in the int...
The Effects of Credit Ratings on Stock Returns in China
Domestic credit-rating agencies decisions of investors credit ratings rating outlooks
2011/9/2
Domestic credit-rating agencies in China have been criticized for having no effect on the decisions of investors. We examine whether credit ratings and rating outlooks of the listed companies that are...
On multiple-class prediction of issuer credit ratings
industry effect issuer credit rating market-driven variable optimal cutoff value ordered probit model selection bias
2011/8/26
For multiple-class prediction, a frequently used approach is based on ordered probit model. We show that this approach is not optimal in the sense that it is not designed to minimize the error rate of...
Discussion of 'Credit Ratings and Taxes: The Effect of Book-Tax Differences on Ratings Changes'
Credit ratings and taxes book-tax differences ratings changes
2011/8/26
The article reviews the paper in the current issue entitled "Credit ratings and taxes: The effect of book-tax differences on ratings changes" by B. Ayers, S. Laplante, and S. McGuire.
Giving Credit Where Credit is Due: The Psychology of Credit Ratings
credit ratings credit scores actual credit reports internal locus-of-control
2011/8/22
The purpose of this study is to examine the effect of personality on credit ratings, measured in terms of credit scores from actual credit reports. Personality is measured in terms of an individual's ...
Assessing Credit Quality from the Equity Market: Can a Structural Approach Forecast Credit Ratings?
Credit rating default probability distance-to-default structural credit risk model Cote de crédit
2011/8/22
We investigate the empirical performance of default probability prediction based on Merton's (1974) structural credit risk model. More specifically, we study if distance-to-default is a sufficient sta...
Analyst Following and Credit Ratings
relation issuer credit ratings the monitoring informational roles
2011/8/22
This paper examines the relation between financial (equity) analyst following and default risk, which we proxy by issuer credit ratings. We hypothesize that analyst following reduces default risk beca...
Credit Ratings and Taxes: The Effect of Book-Tax Differences on Ratings Changes
credit analysts book and taxable income
2011/8/22
This paper examines whether credit analysts utilize the information contained in the difference between book and taxable income in analyzing a firm’s credit risk. Increased book–tax differences may be...