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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/56500
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/56500

    Title: 利益衝突與信用評等: 信評維護的實證研究
    Conflicts of interest and credit ratings: evidence from rating maintenance
    Authors: 翁胤哲
    Weng, Yin Che
    Contributors: 周行一
    Weng, Yin Che
    Keywords: 信評機構
    Credit Rating Agency
    Credit Rating
    Conflicts of Interest
    Date: 2012
    Issue Date: 2013-01-02 13:21:40 (UTC+8)
    Abstract: We study the effect of conflicts of interest on credit ratings and analyze the rating maintenance of credit rating agencies for various clienteles. By examining the rating-transition path, we found that rating agencies favor their valued clients by stepwise downgrades and full and timely upgrades. Favored clients could, therefore, save capital cost and possibly gain a larger investor base for their new issues. However, such rating behavior would undermine the rating quality and reputation of rating agencies in the long term.
    Our results provide evidence for the meager literature on rating-agency conflicts from the rating-maintenance perspective. Our findings also lend support to the growing literature that rating agencies do not provide quality services to investors when the regulation is indulgent or the competition within the rating industry is severe.
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    Altman, Edward, and Herbert Rijken, 2004, How Rating Agencies Achieve Rating Stability, Journal Banking and Finance, 28, 2679-2714.

    Amato and Furfine, 2004, Are Credit Ratings Procyclical? Journal Banking and Finance, 28, 2641-2677.

    Becker, Bo, and Todd Milbourn, 2011, How did increased competition affect credit ratings? Journal of Financial Economics, 101(3), 493-514.

    Boot, Arnoud, Todd Milbourn, and Anjolein Schmeits, 2006, Credit Ratings as Coordination Mechanisms, Review of Financial Studies, 19(1), 81-118.

    Bolton, Patrick, Xavier Freixas, and Joel Shapiro, 2012, The Credit Ratings Game, Journal of Finance, 67(1), 85-112.

    Bongaerts, Dion, Martijn Cremers, and William Goetzmann, 2011, Tiebreaker: Certification and multiple ratings, Journal of Finance, forthcoming

    Cai, Jie, Yixin Liu, Yiming Qian, 2009, Information Asymmetry and Corporate Governance, Working paper.

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    Cantor, Richard, 2001, Moody’s Investors Service’s response to the consultative paper issued by the Basel Committee on Bank Supervision ‘A new capital adequacy framework,’ Journal of Banking and Finance, 25, 171-185.

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    Cheng, Mei, and Monica Neamtiu, 2009, An Empirical Analysis of Changes in Credit Rating Properties: Timeliness, Accuracy and Volatility, Journal of Accounting and Economics, 47, 108-130.

    Coval, Joshua, Jakub Jurek, and Erik Stafford, 2008, “Re-Examining the Role of Rating Agencies: Lesson from Structured Finance,” Working paper.

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    Griffin, John, and Dragon Tang, 2012, Did Subjectivity Play a Role in CDO Credit Ratings? Journal of Finance, forthcoming.

    Hong, Harrison, and Jeferey Kubik, 2003, Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts, Journal of Finance, 58, 313-351.

    Hunt, John, 2009, Credit Rating Agencies and the 'Worldwide Credit Crisis': The Limits of Reputation, the Insufficiency of Reform, and a Proposal for Improvement, Columbia Business Law Review, 2009(1), 109-209.

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    Kraft, Pepa, 2011, Do Rating Agencies Cater? Evidence from Rating-Based Contracts, Working paper, New York University.

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    Description: 博士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096357502
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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