报告题目:Are Bond Ratings Informative? Evidence from a Quasi-Natural Experiment

报 告 人:Jeremy Goh (Singapore Management University)

时      间:2017年5月12日(周五)下午4:00-5:30

地      点:岭南堂汪道涵会议室

语      言:英文+中文

 

摘要:

Using the recent repeal of credit rating agencies’ (CRAs) exemption from Regulation FD, we test the explanations as to whether CRAs provide new information to the market, and if so, why? We find that significant stock price responses to both Credit Watch placements and actual rating changes disappear after the repeal, whereas bond price responses to credit events remain significant. These results are stronger at the investment-speculative boundary. Our evidence supports the private information and rating-contingent regulatory hypotheses but does not support the explanation that CRAs’ reputation allows them to provide quality certification on the values of firms they rate.