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Tiebreaker: Certification and Multiple Credit Ratings / Dion Bongaerts, K.J. Martijn Cremers, William N. Goetzmann.
- Format:
- Book
- Author/Creator:
- Bongaerts, Dion.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15331.
- NBER working paper series no. w15331
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Tiebreaker
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- This paper explores the economic role credit rating agencies play in the corporate bond market. We consider three existing theories about multiple ratings: information production, rating shopping and regulatory certification. Using differences in rating composition, default prediction and credit spread changes, our evidence only supports regulatory certification. Marginal, additional credit ratings are more likely to occur because of, and seem to matter primarily for regulatory purposes, but do not seem to provide significant additional information related to credit quality.
- Notes:
- Print version record
- September 2009.
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