Article ID Journal Published Year Pages File Type
5059275 Economics Letters 2014 4 Pages PDF
Abstract
In this paper, we explicitly model a bond rating process under varying degrees of bond opacity and derive conditions under which disagreements between rating agencies (rating splits) can serve as a useful proxy for opacity in empirical analyses.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Preview
Disagreement between rating agencies and bond opacity: A theoretical perspective
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