Peer firms’ credit rating changes and corporate financing
نویسندگان
چکیده
منابع مشابه
Credit Rating Inflation and Firms’ Investment Behavior
Why do potentially inflated credit ratings affect rational, well-informed creditors’ bond investment decisions? What are credit ratings’ effects on firms’ behavior? We resolve these questions by modeling a credit rating agency (CRA) as a certified expert who transmits information to creditors with coordination incentives and dispersed beliefs. In the unique equilibrium, high credit ratings are ...
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ژورنال
عنوان ژورنال: The European Journal of Finance
سال: 2019
ISSN: 1351-847X,1466-4364
DOI: 10.1080/1351847x.2019.1683874