Advanced search options

Advanced Search Options 🞨

Browse by author name (“Author name starts with…”).

Find ETDs with:

in
/  
in
/  
in
/  
in

Written in Published in Earliest date Latest date

Sorted by

Results per page:

You searched for subject:(issuer pay model). One record found.

Search Limiters

Last 2 Years | English Only

No search limiters apply to these results.

▼ Search Limiters


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

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 (i.e., issuers paying for rating services). This model has commonly been criticized for creating an independence problem and less informative ratings. Alternatively, the resulting stronger business relation could actually provide issuers with an incentive to share more private information and lead to more informative ratings. Using the quasi-experiment of Moody's and Standard and Poor's separate initial adoptions of the issuer-pay model in the 1970s (which provide two separate difference-in-differences tests), I find that ratings become generally more informative using multiple measures of information content. The increase in informativeness is lesser for firms paying more fees to rating agencies and greater for firms with poorer information environments. Advisors/Committee Members: Karl A Muller Iii, Committee Chair/Co-Chair, Paul David Fischer, Committee Member, Dan Givoly, Committee Member, Orie Edwin Barron, Committee Member, Jingzhi Huang, Committee Member.

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

Record DetailsSimilar RecordsGoogle PlusoneFacebookTwitterCiteULikeMendeleyreddit

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

APA (6th 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 (16th 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 (7th 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

.