Disagreement between rating agencies and bond opacity: A theoretical perspective |
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| Authors: | Achim Hauck Ulrike Neyer |
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| Affiliation: | 1. University of Portsmouth, Portsmouth Business School, Richmond Building, Portland Street, Portsmouth, PO1 3DE, United Kingdom;2. Heinrich-Heine-University Duesseldorf, Germany |
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| Abstract: | In this paper, we explicitly model a bond rating process under varying degrees of bond opacity and derive conditions under which disagreements between rating agencies (rating splits) can serve as a useful proxy for opacity in empirical analyses. |
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| Keywords: | G20 G24 G30 |
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