政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/56500

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/56500

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/56500

Please use this identifier to cite or link to this item: https://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:	周行一翁胤哲 Weng, Yin Che
Keywords:	信評機構信用評等利益衝突 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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Description:	博士國立政治大學財務管理研究所 96357502 101
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0096357502
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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