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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

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.

Identiferoai:union.ndltd.org:CHENGCHI/G0096357502
Creators翁胤哲, Weng, Yin Che
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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