A B S T R A C T
This study examines whether and how the properties of corporate bond ratings change
following Moody’s and S&P’s adoptions of the issuer-pay business model in the early
1970s. Regulators and debt market observers have criticized the issuer-pay model for
creating an independence problem. However, the issuer-pay model allows for economic
bonding between rating agencies and issuers through explicit contractual arrangements,
which should improve the flow of nonpublic information. Using a difference-in-difference
research design, I find that more optimistic ratings by issuer-pay rating agencies predict
greater future profitability, differences between the ratings of issuer-pay and investor-pay
rating agencies are associated with narrower secondary bond market bid-ask spreads, and
that issuer-pay rating agencies become relatively more accurate and timely predictors of
default compared to investor-pay agencies after the adoption of issuer-pay. These results
reinterpret the recent findings of optimistic ratings by Jiang et al. (2012) as consistent with
more informative bond ratings.
& 2014 Elsevier B.V. All rights reserved.
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جهت خرید فایل به انتهای صفحه مراجعه نمایید
کد محصول : شماره 248
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