Corporate disclosure and credit market development
نویسندگان
چکیده
منابع مشابه
Qualitative Corporate Disclosure and Credit Analysts’ Soft Rating Adjustments
Several factors comprise the credit ratings analysts publicly report. While academics have extensively studied the quantitative models credit analysts employ, far less is known about the qualitative adjustments analysts make to their models’ outputs (“soft adjustments”). We examine whether and how credit analysts employ credit-relevant qualitative disclosure in making their credit risk assessme...
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The sharp distinction drawn between firms rated narrowly above (BBB–) and below (BB+) the investment-grade cutoff provides variation in debt financing availability unrelated to firm fundamentals. We exploit this market segmentation to identify an asymmetric effect of debt capital supply on voluntary disclosure: BB+ firms step up disclosure in response to high-yield bond mutual fund outflows. Th...
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Disclosure regulation in credit markets is often put forth as a critical form of consumer "protection", but there is little hard evidence on why consumers need protection or whether disclosure regulation affects market outcomes. We address these two gaps. First we provide a new microfoundation for the widespread emphasis on consumer protection via mandated interest rate disclosure. The microfou...
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This paper analyses the determinants of variation in the yield spread (credit spread) between government bonds and corporate bonds in Japan's bond market after 1997. The authors conduct empirical tests on the relationship between credit spreads and several economic and financial variables. A key finding is that default risk and the overall financial situation in Japan were the most significant ...
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We measure credit risk premia—prices for bearing corporate default risk in excess of expected default losses—using Markit CDS and Moody’s Analytics EDF data. We find dramatic variation over time in credit risk premia, with peaks in 2002, during the global financial crisis of 2008-09, and in the second half of 2011. Even after normalizing these premia by expected default losses, median credit ri...
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ژورنال
عنوان ژورنال: Journal of Applied Economics
سال: 2021
ISSN: 1514-0326,1667-6726
DOI: 10.1080/15140326.2021.1901644