Did Government Regulations Lead to Inflated Credit Ratings?

References

• Alp A (2013) Structural shifts in credit rating standards. J. Finance 68(6):2435–2470.Crossref, Google Scholar
• Altman E (1968) Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy. J. Finance 23(4):589–609.Crossref, Google Scholar
• Bae KH, Kang J-K, Wang J (2015) Does increased competition affect credit ratings? A reexamination of the effect of Fitch’s market share on credit ratings in the corporate bond market. J. Financial Quant. Anal. 50(5):1011–1035.Crossref, Google Scholar
• Baghai R, Servaes H, Tamayo A (2014) Have rating agencies become more conservative? Implications for capital structure and debt pricing. J. Finance 69(5):1961–2005.Crossref, Google Scholar
• Bar-Isaac H, Shapiro J (2013) Ratings quality over the business cycle. J. Financial Econom. 108(1):62–78.Crossref, Google Scholar
• Beaver WH, Shakespeare C, Soliman MT (2006) Differential properties in the ratings of certified versus non-certified bond rating agencies. J. Accounting Econom. 42(3):303–334.Crossref, Google Scholar
• Becker B, Milbourn T (2011) How did increased competition affect credit ratings? J. Financial Econom. 101(3):493–514.Crossref, Google Scholar
• Begley T (2015) The real costs of corporate credit ratings. Unpublished working paper, Washington University in St. Louis, St. Louis.Google Scholar
• Bethel J, Sirri E (2016) Securities regulation during and after the 2008 financial crisis. Evanoff D, Haldane A, Kaufman G, eds. Analyzing the Cumulative Impact of Financial Regulatory Reform, Chap. 9 (World Scientific, Singapore).Google Scholar
• Bloom N, Popper C, Seiler S, Va Reenen J (2015) The impact of competition on management quality: Evidence from public hospitals. Rev. Econom. Stud. 82(2):457–489.Crossref, Google Scholar
• Blume ME, Lim F, Mackinley AC (1998) The declining credit quality of U.S. corporate debt: Myth or reality? J. Finance 53(4):1389–1413.Crossref, Google Scholar
• Bolton P, Freixas X, Shapiro J (2012) The credit ratings game. J. Finance 67(1):85–112.Crossref, Google Scholar
• Bongaerts D, Cremers M, Goetzman W (2012) Tiebreaker: Certification and multiple credit ratings. J. Finance 67(1):113–152.Crossref, Google Scholar
• Bruno V, Cornaggia J, Cornaggia KJ (2016) Does regulatory certification affect the information content of credit ratings? Management Sci. 62(6):1578–1597.Link, Google Scholar
• Cooper Z, Gibbons S, Jones S, McGuire A (2011) Does hospital competition save lives? Evidence from the English NHS patient choice reforms. Econom. J. 121(554):228–260.Google Scholar
• Cornaggia J, Cornaggia KJ (2013) Estimating the costs of issuer-paid credit ratings. Rev. Financial Stud. 26(9):2229–2269.Crossref, Google Scholar
• Griffin J, Tang DY (2011) Did credit rating agencies use biased assumptions? Amer. Econom. Rev. 101(3):125–130.Crossref, Google Scholar
• Griffin J, Nickerson J, Tang DY (2013) Rating shopping or catering? An examination of the response to competitive pressure for CDO credit ratings. Rev. Financial Stud. 26(9):2270–2310.Crossref, Google Scholar
• Goh JC, Ederington LH (1993) Is a bond rating downgrade bad news, good news, or no news for stockholders? J. Finance 48(5):2001–2008.Crossref, Google Scholar
• Hand J, Holthausen RW, Leftwich R (1992) The effect of bond rating agency announcements on bond and stock prices. J. Finance 47(2):733–752.Crossref, Google Scholar
• He J, Qian J, Strahan P (2012) Are all ratings created equal? The impact of issuer size on the pricing of mortgage-backed securities. J. Finance 67(6):2097–2137.Crossref, Google Scholar
• Holthausen RW, Leftwich RW (1986) The effect of bond rating changes on common stock prices. J. Financial Econom. 17(1):57–89.Crossref, Google Scholar
• Jiang J, Stanford MH, Xie Y (2012) Does it matter who pays for bond ratings? Historical evidence. J. Financial Econom. 105(3):607–621.Crossref, Google Scholar
• Kamstra M, Kennedy P, Suan TK (2001) Combining bond rating forecasts using logit. Financial Rev. 37(2):75–96.Crossref, Google Scholar
• Kisgen DJ (2006) Credit ratings and capital structure. J. Finance 61(3):1035–1072.Crossref, Google Scholar
• Kisgen DJ (2009) Do firms target credit ratings or leverage levels? J. Financial Quant. Anal. 44(6):1323–1344.Crossref, Google Scholar
• Kisgen DJ, Strahan P (2010) Do regulations based on credit ratings affect a firm’s cost of capital? Rev. Financial Stud. 23(12):4324–4347.Crossref, Google Scholar
• Manso G (2013) Feedback effects of credit ratings. J. Financial Econom. 109(2):535–548.Crossref, Google Scholar
• Matsa D (2011) Competition and product quality in the supermarket industry. Quart. J. Econom. 126(3):1539–1591.Crossref, Google Scholar
• Mussa M, Rosen S (1978) Monopoly and product quality. J. Econom. Theory 18(2):301–317.Crossref, Google Scholar
• Opp C, Opp M, Harris M (2013) Rating agencies in the face of regulation. J. Financial Econom. 108(1):46–61.Crossref, Google Scholar
• Partnoy F (1999) The Siskel and Ebert of financial markets: Two thumbs down for the credit rating agencies. Washington Univ. Law Quart. 77(3):619–712.Google Scholar
• White LJ (2010) Markets: The credit rating agencies. J. Econom. Perspect. 24(2):211–226.Crossref, Google Scholar
• Xia H (2014) Can investor-paid credit rating agencies improve the information quality of issuer-paid rating agencies? J. Financial Econom. 111(2):450–468.Crossref, Google Scholar