信用评级
审查
债券信用评级
业务
膨胀(宇宙学)
质量(理念)
经济
会计
金融体系
作者
Laurence Jones,Rasha Alsakka,Owain ap Gwilym,Noemi Mantovan
标识
DOI:10.1016/j.jfs.2022.100999
摘要
We investigate whether the European regulatory reforms of the credit rating industry have been successful in improving the quality of financial institutions’ credit ratings. A shift to more conservative rating behaviour rather than rating quality improvement is identified, which is attributable to increased regulatory scrutiny. This change leads to a reduction in rating inflation and an increase in the number of unwarranted downgrades and false rating warnings in the post-regulatory period. A significant decrease (increase) in the informativeness of rating downgrades (upgrades) is evident. Our findings contrast with prior evidence for US corporates where reputational effects dominated.
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