کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5084913 | 1477920 | 2014 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Rating shopping and rating inflation in Israel
ترجمه فارسی عنوان
خرید و رتبه بندی تورم در اسرائیل
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
Firms may exploit the option of choosing among different rating agencies in order to pick the highest rating offered. This possibility, known as rating shopping, is relatively limited on the US corporate bond market because the two main rating agencies (S&P and Moody's) rate virtually all large bond issuers. In this study, we use the data on corporate bond ratings assigned by two Israeli rating agencies affiliated with S&P and Moody's during the period 2004-2012. We show that while one agency (Midroog) systematically assigned higher ratings, the ratings of the other agency (S&P-Maalot) were inflated due to rating shopping. However, despite the many features that encourage rating inflation, the resulting distortion was relatively small (one notch). This may be a fair price for maintaining a competitive rating industry.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Financial Analysis - Volume 33, May 2014, Pages 270-280
Journal: International Review of Financial Analysis - Volume 33, May 2014, Pages 270-280
نویسندگان
Inna Bakalyar, Koresh Galil,