منابع مشابه
The Informational Value of Corporate Credit Ratings
This paper examines the quality of credit ratings issued by the three major credit rating agencies Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed-income securities i...
متن کاملPension Plan Funding and Corporate Debt Ratings
This article empirically examines the relationship between the funding of defined benefit pension plans and corporate debt ratings. The evidence indicates that unfunded pension liabilities reduce debt ratings more than an equivalent amount of excess pension assets increase debt ratings. This asymmetric relationship is consistent with the view that unfunded pension liabilities are corporate liab...
متن کاملAssessing Corporate Sustainability Through Ratings: Challenges and Their Causes
Assessing corporate sustainability is increasingly practice-relevant, not least because the capital market and other markets have been paying growing attention to the topic. Recently, ratings have become an important assessment approach and nowadays a variety of organizations and financial service providers conduct their own ratings. Yet, despite their growing popularity, ratings are criticized...
متن کاملMeasuring Corporate Environmental Performance: the Trade-Offs of Sustainability Ratings
Socially responsible investing (SRI) represents an investment process that refl ects environmental and social preferences. The fi nancial industry is in a unique position to move corporations towards corporate sustainability. However, there is often little transparency regarding the metrics used to evaluate corporate social and environmental performance and the trade-offs involved in the evalua...
متن کاملEmpirical Research on Corporate Credit- Ratings: A Literature Review
We report on the current state and important older findings of empirical studies on corporate credit ratings and their relationship to ratings of other entities. Specifically, we consider the results of three lines of research: The correlation of credit ratings and corporate default, the influence of ratings on capital markets, and the determinants of credit ratings and rating changes. Results ...
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ژورنال
عنوان ژورنال: Economic Notes
سال: 2015
ISSN: 0391-5026
DOI: 10.1111/ecno.12036