The Effect of Bank Debt Downgrades on Stock Prices of Other Banks

We find that debt downgrades of money center banks elicit negative stock price responses in nondowngraded money center banks. Stock prices of larger regional banks also react to these downgrades. Although downgrades of regional banks evoke negative stock price responses for regional banks in the same geographic region, the importance of geographic region as a factor determining the extent of intra‐industry reactions has diminished since 1989. Our results indicate that the merger and expansion activities triggered by interstate banking have blurred differences between regional and money center banks as interstate banking activity has moved towards nationwide banking     

Pricing of off‐balance sheet debt: how do bond market participants use the footnote disclosures on operating leases and postretirement benefit plans?

In this study, we examine whether the public debt market prices information on off‐balance sheet debt arising from operating leases and postretirement plans. We find that bond‐rating agencies price off‐balance sheet debt arising from operating leases and the coefficient on off‐balance sheet debt measure of operating leases is similar to that of capital leases on the balance sheet. Regarding postretirement benefit plans, we find that bond‐rating agencies do price postretirement benefit obligations that are reported in balance sheet but do not price such obligations disclosed in footnotes. We find similar results when we examine corporate bond yields on new debt issues.     

信用评级市场培育、监管实践与思考

近年来,信用评级在帮助金融机构识别信用风险、拓宽企业融资渠道等方面发挥了重要作用,但信用评级行业仍面临市场需求量有限、认可度不高等困境,本文在回顾信用评级培育监管实践,分析信用评级困境原因的基础上,提出了培育信用评级市场发展的政策建议。     

城市商业银行跨区域扩张的收益和风险

本文借鉴CAMEL评级体系的指标设置,从监管的角度对近几年来中国城市商业银行跨区域扩张的收益和风险进行了实证分析。实证结果发现,总行与新设分行之间的距离对其成本有显著的正影响,但对其他方面没有显著的影响;省外新设分行的成本收益率要小于省内新设分行;省内重组的城市商业银行经营绩效比自行新设分行的城市商业银行要差一些。这些...     

国际信用评级体系改革与中国评级业发展展望

国际金融危机和欧洲主权债务危机的爆发,凸显出现行国际信用评级体系存在的种种弊端。该文指出,现行国际信用评级体系的根本缺陷在于高度垄断,为此应通过加强内部治理和外部监管推动现有评级行业的改革,并推动国际信用评级行业新秩序的建立。中国应从宏观政策层面出台措施,扶持和推动本国自主信用评级体系的做大做强,并参与到国际信用评级体系的重建中。     

债务上限与信评机构的政治悖论性选择

金融危机后,以危机推手著称的美国信评机构因群体性道德风险和贩卖劣质公信力而备受国际谴责.为此,三大机构不同程度地修订了主权信用评级规则,并自2010年下半年以来,联袂发布了美国主权信用评级的负面意见,尤其是2011年轮番下调美国主权信用评级前景展望至负面,希望借此塑造其公正、客观的商业形象.但是,三大机构的政治附属物属性决定了三大机构发布的美国主权信用评级负面意见,本质上是一场政治逻辑与资本逻辑的较量,更多展现为一种政治博弈的需要,并使自己陷入了债务上限与主权信用评级的政治悖论困境.     

基于KMV模型的中国短期融资券信用风险评级研究

针对短期融资券主体信用评级未能完全准确地反映出短期融资券信用风险的问题,本文引入信用风险计量的KMV模型,运用Matlab软件计算出短期融资券的违约距离,按照违约距离的大小通过聚类分析将样本划分为六组。在此基础上,以信用利差表示投资者对短期融资券信用风险的认可,将各组信用利差与其违约距离对应起来,对各组的信用利差进行方差分析,结果显示各组之间的差异非常显著,表明分组状况比较理想,按违约距离判断短期融资券的信用风险是合适的,实现了对短期融资券的信用风险评级。     

江西省担保业发展现状与出路探究

近年来,担保业在政策扶持和市场拉动的双重作用下,发展势头良好,为缓解中小企业融资难,促进中小企业发展方面发挥了重要的作用,但同时也面临整体实力相对较弱、赢利能力不强和缺乏专业人才等问题。文章通过对江西省担保行业的调研,提出积极完善信用担保体系建设;加快推进担保行业信用评级;加强担保机构与银行的合作;建立风险补偿与再担保基金;加快担保业专业人才的培养等应对措施。     

Is the hotel classification system a good indicator of hotel quality?: An application in Spain

This paper analyses whether the hotel classification system is a good indicator of hotel quality, where quality is defined to be satisfying the expectations and needs of the client. We conducted our research in Spain, where a five-category system using stars is employed. To be exact, the hotel sector of one autonomous community (Cantabria, located in northern Spain) was studied, given that it is these autonomous regions that have exclusive authority to regulate and promote tourism. The results of the study confirm that even though significant quality differences are seen between the different categories, the ranking by quality does not correspond to that by categories. This supports the idea that quality is associated with the delivery of a service according to client expectations, more than it is with establishment category.     

Deferred Taxes and Bond Ratings: A Canadian Case

This paper explores the usefulness of the current Canadian Institute of Chartered Accountants standard on accounting for income taxes in bond rating decisions by credit analysts. Bond rating prediction models using accounting variables generated with alternate treatment of income taxes, have been developed. The analysis indicates that additional information presented by the above standard has not contributed significantly to the bond raters' decision making process.