subject:(bond rating agencies)

Penn State University

1. Bonsall, Samuel Burton. The Informational Effects of Firm-funded Certification: Evidence from the Bond Rating Agencies.

Degree: 2012, Penn State University

URL: https://submit-etda.libraries.psu.edu/catalog/15698

► This study examines whether and how the information content of bond ratings changes as a result of the incentives provided by the issuer-pay business model… (more)

Subjects/Keywords: bond rating agencies; issuer-pay model; conflicts of interest; information content

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APA (6^th Edition):

Bonsall, S. B. (2012). The Informational Effects of Firm-funded Certification: Evidence from the Bond Rating Agencies. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/15698

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Bonsall, Samuel Burton. “The Informational Effects of Firm-funded Certification: Evidence from the Bond Rating Agencies.” 2012. Thesis, Penn State University. Accessed April 11, 2021. https://submit-etda.libraries.psu.edu/catalog/15698.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Bonsall, Samuel Burton. “The Informational Effects of Firm-funded Certification: Evidence from the Bond Rating Agencies.” 2012. Web. 11 Apr 2021.

Vancouver:

Bonsall SB. The Informational Effects of Firm-funded Certification: Evidence from the Bond Rating Agencies. [Internet] [Thesis]. Penn State University; 2012. [cited 2021 Apr 11]. Available from: https://submit-etda.libraries.psu.edu/catalog/15698.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Bonsall SB. The Informational Effects of Firm-funded Certification: Evidence from the Bond Rating Agencies. [Thesis]. Penn State University; 2012. Available from: https://submit-etda.libraries.psu.edu/catalog/15698

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Oklahoma

2. May, Anthony Douglas. Essays in Corporate Finance and Intermediation.

Degree: PhD, 2011, University of Oklahoma

URL: http://hdl.handle.net/11244/319322

► This dissertation is a collection of three essays that investigate the role and importance of intermediaries in corporate finance and financial markets. Chapter 1 investigates… (more)

▼ This dissertation is a collection of three essays that investigate the role and importance of intermediaries in corporate finance and financial markets. Chapter 1 investigates whether bond rating agencies convey new information when they announce a rating change by studying the corporate bond market reaction to rating change announcements. Abnormal bond returns over a two-day event window that includes the downgrade (upgrade) are negative (positive) and statistically significant, although the reaction to upgrades is economically small. The bond market response is stronger for rating changes that appear more surprising, rating changes of lower rated firms, and upgrades that move the firm from speculative grade to investment grade. These findings support the hypothesis that both rating upgrades and downgrades convey some new information. Chapter 2 examines the long-standing question of whether firms derive value from investment banking relationships by studying how the bankruptcy of Lehman Brothers affected industrial firms that received underwriting, advisory, analyst, and market-making services from Lehman. Equity underwriting clients experienced an abnormal stock return of around -5%, on average, in the seven days surrounding Lehman's bankruptcy, amounting to $23 billion in aggregate, risk-adjusted losses. Losses were especially severe for companies that had stronger and broader security underwriting relationships with Lehman or were smaller, younger, and more financially constrained. All other client groups were not adversely affected, on average. These results are consistent with the hypothesis that equity underwriting relationships are valuable to client firms and costly to replace. Chapter 3 examines the question of whether firms derive value from lending relationships by studying how the bankruptcy of Lehman Brothers affected corporate borrowers that had syndicated loans from Lehman. Firms with syndicated credit facilities from Lehman experienced abnormal stock returns of -3%, on average, during a seven day period that includes the bankruptcy announcement. These losses were more severe if Lehman was the firm's lead lender or if Lehman recently underwrote the firm's equity securities. Firms with more severe information asymmetry and moral hazard problems, less profitable firms, and firms with less cash and larger undrawn credit lines from Lehman also suffered greater losses. Lehman's borrowers also experienced significant reductions in profitability and investment relative to their industry peers in the year following Lehman' failure. These findings are consistent with the hypothesis that lending relationships developed through syndicated loans are valuable to corporate borrowers and costly to replace. Advisors/Committee Members: Fernando, Chitru (advisor).

Subjects/Keywords: Intermediation (Finance) – Case studies; Rating agencies (Finance); Bond market

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APA (6^th Edition):

May, A. D. (2011). Essays in Corporate Finance and Intermediation. (Doctoral Dissertation). University of Oklahoma. Retrieved from http://hdl.handle.net/11244/319322

Chicago Manual of Style (16^th Edition):

May, Anthony Douglas. “Essays in Corporate Finance and Intermediation.” 2011. Doctoral Dissertation, University of Oklahoma. Accessed April 11, 2021. http://hdl.handle.net/11244/319322.

MLA Handbook (7^th Edition):

May, Anthony Douglas. “Essays in Corporate Finance and Intermediation.” 2011. Web. 11 Apr 2021.

Vancouver:

May AD. Essays in Corporate Finance and Intermediation. [Internet] [Doctoral dissertation]. University of Oklahoma; 2011. [cited 2021 Apr 11]. Available from: http://hdl.handle.net/11244/319322.

Council of Science Editors:

May AD. Essays in Corporate Finance and Intermediation. [Doctoral Dissertation]. University of Oklahoma; 2011. Available from: http://hdl.handle.net/11244/319322

University of Lund

3. Cociorva, Anamaria. Essays on Credit Ratings.

Degree: 2018, University of Lund

URL: https://lup.lub.lu.se/record/b18f5b53-0adc-44b6-93fb-6943210e4da3 ; https://portal.research.lu.se/ws/files/55690888/Essays_on_Credit_Ratings.pdf

► This thesis consists of four self-contained articles, all of which contribute to the empirical research on credit ratings. Broadly speaking, the first two papers highlight… (more)

▼ This thesis consists of four self-contained articles, all of which contribute to the empirical research on credit ratings. Broadly speaking, the first two papers highlight two less ordinary “uses” of credit ratings, in the context of (1) measuring financial constraints and (2) bond market segmentation. The last two papers focus on a relatively new concept in the credit ratings’ literature, specifically the time variation in rating standards, by looking at the sovereign credit ratings, and at how the time variation in rating standards has been measured and interpreted in prior literature.By using an extensive set of tests and corporate investment decisions indicating various degrees of financial constraints, the first paper provides first-hand evidence of the ability of credit ratings to capture corporate responses consistent with various levels of financial constraints. We find that they outperform six common financial constraints proxies in each of our tests and shocks.In the second paper, I use an exogenous change in the index inclusion criteria for a large, widely followed bond index, to show that bonds also exhibit an “index” effect following either addition or deletion to the bond index. Furthermore, this exogenous change leads to different types of index effects, allowing me to compare, for the first time, the relative effect of positive (addition) and negative (deletion) changes in a bond index composition. In this comparison, I find that index addition triggers a market reaction twice as large as index deletion, suggesting that investor awareness may be an important channel for bond pricing.The third paper is the first to provide evidence of rating conservatism for sovereign (i.e. country) credit ratings. I find that a sovereign that received an AA rating in 1993 would only get an A+ twenty years later in spite of maintaining the same economic environment, and this change in conservatism is not justified by an increase in the default rates or by a riskier global environment.In the final paper, I revisit the method commonly used for measuring time variation (i.e. conservatism) of rating standards over time, and I find that the decrease in the year coefficients (i.e. the measure for conservatism according to prior research) is largely a result of common secular trends in the financial variables included in the model. While my findings do not disprove the existence of conservatism, they suggest that its true magnitude may be significantly lower, and that other empirical methods might be more suitable for its assessment.

Subjects/Keywords: Business Administration; credit ratings; financial constraints; bond index; credit rating standards; rating conservatism; time variation in credit ratings; secular trends; Credit Rating Agencies

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Cociorva, A. (2018). Essays on Credit Ratings. (Doctoral Dissertation). University of Lund. Retrieved from https://lup.lub.lu.se/record/b18f5b53-0adc-44b6-93fb-6943210e4da3 ; https://portal.research.lu.se/ws/files/55690888/Essays_on_Credit_Ratings.pdf

Chicago Manual of Style (16^th Edition):

Cociorva, Anamaria. “Essays on Credit Ratings.” 2018. Doctoral Dissertation, University of Lund. Accessed April 11, 2021. https://lup.lub.lu.se/record/b18f5b53-0adc-44b6-93fb-6943210e4da3 ; https://portal.research.lu.se/ws/files/55690888/Essays_on_Credit_Ratings.pdf.

MLA Handbook (7^th Edition):

Cociorva, Anamaria. “Essays on Credit Ratings.” 2018. Web. 11 Apr 2021.

Vancouver:

Cociorva A. Essays on Credit Ratings. [Internet] [Doctoral dissertation]. University of Lund; 2018. [cited 2021 Apr 11]. Available from: https://lup.lub.lu.se/record/b18f5b53-0adc-44b6-93fb-6943210e4da3 ; https://portal.research.lu.se/ws/files/55690888/Essays_on_Credit_Ratings.pdf.

Council of Science Editors:

Cociorva A. Essays on Credit Ratings. [Doctoral Dissertation]. University of Lund; 2018. Available from: https://lup.lub.lu.se/record/b18f5b53-0adc-44b6-93fb-6943210e4da3 ; https://portal.research.lu.se/ws/files/55690888/Essays_on_Credit_Ratings.pdf

4. Shahzad, Khurram. Credit Rating Agencies, Financial Regulations and the Capital Markets.

Degree: 2013, Erasmus Research Institute of Management

URL: http://hdl.handle.net/1765/39655

► textabstractThis thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to… (more)

Subjects/Keywords: IFRS; analysts’ reports; bond yield; credit rating agencies; credit ratings; expected ratings; market abuse directive; rating migration; split ratings

…them for independent, objective assessments. The rating agencies broke this bond of trust… …credit rating agencies (CRAs)) are allowed to work in the capital markets to… …competition among the rating agencies to improve the quality of their services (Becker and… …rating agencies occupy a special place in our financial markets. Millions of investors rely on… …commented that "The three credit rating agencies were key enablers of the financial meltdown…

3 more images…

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Shahzad, K. (2013). Credit Rating Agencies, Financial Regulations and the Capital Markets. (Doctoral Dissertation). Erasmus Research Institute of Management. Retrieved from http://hdl.handle.net/1765/39655

Chicago Manual of Style (16^th Edition):

Shahzad, Khurram. “Credit Rating Agencies, Financial Regulations and the Capital Markets.” 2013. Doctoral Dissertation, Erasmus Research Institute of Management. Accessed April 11, 2021. http://hdl.handle.net/1765/39655.

MLA Handbook (7^th Edition):

Shahzad, Khurram. “Credit Rating Agencies, Financial Regulations and the Capital Markets.” 2013. Web. 11 Apr 2021.

Vancouver:

Shahzad K. Credit Rating Agencies, Financial Regulations and the Capital Markets. [Internet] [Doctoral dissertation]. Erasmus Research Institute of Management; 2013. [cited 2021 Apr 11]. Available from: http://hdl.handle.net/1765/39655.

Council of Science Editors:

Shahzad K. Credit Rating Agencies, Financial Regulations and the Capital Markets. [Doctoral Dissertation]. Erasmus Research Institute of Management; 2013. Available from: http://hdl.handle.net/1765/39655

5. Pakutinskas, Adomas. Effect of Market Share and Sales of Credit Rating Agencies on Corporate Bonds’ Default Rates.

Degree: Business Administration, 2013, Jönköping University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-21417

► This paper mainly explores how and if sales and increased competition among financial certifiers, namely Fitch, Standard & Poor’s and Moody’s, affect the default… (more)

Subjects/Keywords: Credit rating agencies; Credit ratings; Business cycle; Bond de-fault rates; Market share; Sales; Panel data; Regression; Granger causality

…stated that sales increase of credit rating agencies by 100 million dollars will lead to bond… …credit rating agencies resulted in a decrease of bond default rates (0.305% decrease per… …market share of credit rating agencies and corporate bond default rate, there could be no… …rates. Consumption can be thought as investors’ consumption of credit rating agencies… …three credit rating agencies are based in United States, the annual nominal GDP of United…

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Pakutinskas, A. (2013). Effect of Market Share and Sales of Credit Rating Agencies on Corporate Bonds’ Default Rates. (Thesis). Jönköping University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-21417

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Pakutinskas, Adomas. “Effect of Market Share and Sales of Credit Rating Agencies on Corporate Bonds’ Default Rates.” 2013. Thesis, Jönköping University. Accessed April 11, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-21417.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Pakutinskas, Adomas. “Effect of Market Share and Sales of Credit Rating Agencies on Corporate Bonds’ Default Rates.” 2013. Web. 11 Apr 2021.

Vancouver:

Pakutinskas A. Effect of Market Share and Sales of Credit Rating Agencies on Corporate Bonds’ Default Rates. [Internet] [Thesis]. Jönköping University; 2013. [cited 2021 Apr 11]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-21417.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Pakutinskas A. Effect of Market Share and Sales of Credit Rating Agencies on Corporate Bonds’ Default Rates. [Thesis]. Jönköping University; 2013. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-21417

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

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