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Credit Ratings as Coordination Mechanisms 总被引:4,自引:0,他引:4
Boot Arnoud W. A.; Milbourn Todd T.; Schmeits Anjolein 《Review of Financial Studies》2006,19(1):81-118
In this article, we provide a novel rationale for credit ratings.The rationale that we propose is that credit ratings serve asa coordinating mechanism in situations where multiple equilibriacan obtain. We show that credit ratings provide a "focal point"for firms and their investors, and explore the vital, but previouslyoverlooked implicit contractual relationship between a creditrating agency (CRA) and a firm through its credit watch procedures.Credit ratings can help fix the desired equilibrium and as suchplay an economically meaningful role. Our model provides severalempirical predictions and insights regarding the expected priceimpact of rating changes. 相似文献
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