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The impact of issuer-pay on corporate bond rating properties: Evidence from Moody׳s and S&P׳s initial adoptions
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The impact of issuer-pay on corporate bond rating properties: Evidence from Moody׳s and S&P׳s initial adoptions (2014)The impact of issuer-pay on corporate bon…The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market (2008)The role of information asymm…Informational effects of regulation FD: evidence from rating agencies (2004)Informational effects of regu…IAS Versus U.S. GAAP: Information Asymmetry–Based Evidence from Germany's New Market (2003)IAS Versus U.S. GAAP: Informa…Rating Banks: Risk and Uncertainty in an Opaque Industry (2002)Rating Banks: Risk and Uncert…The Economic Consequences of Increased Disclosure (2000)The Economic Consequences of …The Economic Consequences of Increased Disclosure (1999)The Economic Consequences of …Management Forecasts and Information Asymmetry: An Examination of Bid-Ask Spreads (1997)Management Forecasts and Info…Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt (1994)Reputation, Renegotiation, an…Market reaction to anticipated announcements (1991)Market reaction to anticipate…Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior (1989)Efficient Capital Markets, In…Estimating the components of the bid/ask spread (1988)Estimating the components of …Managerial Incentives for Short-Term Results (1985)Managerial Incentives for Sho…Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Bid, ask and transaction pric…Information Effects on the Bid-Ask Spread (1983)Information Effects on the Bi…The Only Game in Town (1971)The Only Game in TownInvestigating Causal Relations by Econometric Models and Cross-spectral Methods (1969)Investigating Causal Relation…Do Commercial Ties Influence ESG Ratings? Evidence from Moody's and S&P (2024)Do Commercial Ties Influence …The Information Value of Qualified and Adverse Audit Reports: Evidence from the Municipal Sector (2019)The Information Value of Qual…Do Rating Agencies Benefit from Providing Higher Ratings? Evidence from the Consequences of Municipal Bond Ratings Recalibration (2019)Do Rating Agencies Benefit fr…Do managers withhold bad news from credit rating agencies? (2019)Do managers withhold bad news…Credit Rating Agency and Equity Analysts’ Adjustments to GAAP Earnings (2017)Credit Rating Agency and Equi…When Do Differences in Credit Rating Methodologies Matter? Evidence from High Information Uncertainty Borrowers (2016)When Do Differences in Credit…The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures (2016)The Effect of Reputation Shoc…The Pricing of Options and Corporate Liabilities (1973)Theory of Rational Option Pricing (1973)Price, trade size, and information in securities markets (1987)The Relation Between Price Changes and Trading Volume: A Survey (1987)Measuring the Information Content of Stock Trades (1991)Theory of rational option pricing (2005)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Investor Psychology and Security Market Under‐ and Overreactions (1998)Illiquidity and stock returns: cross-section and time-series effects (2002)Market Liquidity and Funding Liquidity (2008)Continuous Auctions and Insider Trading (1985)Market microstructure and asset pricing: On the compensation for illiquidity in stock returns (1996)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Liquidity and stock returns: An alternative test (1998)Job Market Signaling (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Dividend Policy under Asymmetric Information (1985)A Survey of Corporate Governance (1997)Corporate Governance and Equity Prices (2003)The economic implications of corporate financial reporting (2005)Agency Problems and the Theory of the Firm (1980)Managerial Incentive Problems: A Dynamic Perspective (1999)Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom (2009)Does the stock market fully value intangibles? Employee satisfaction and equity prices (2011)Limited-dependent and qualitative variables in econometrics (1983)Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure level and the cost of equity capital. (1997)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)How does financial reporting quality relate to investment efficiency? (2009)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency costs of free cash flow, corporate finance, and takeovers (1996)Has Financial Development Made the World Riskier? (2005)Rethinking Bank Regulation: Till Angels Govern (2005)Has Finance Made the World Riskier? (2006)A Theory of the Interday Variations in Volume, Variance, and Trading Costs in Securities Markets (1990)No Single Currency Regime is Right for All Countries or At All Times (1999)Liquidity and Asset Prices (2006)Oil and the Macroeconomy since World War II (1983)Giving Content to Investor Sentiment: The Role of Media in the Stock Market (2007)Testing for Granger non-causality in heterogeneous panels (2012)
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References

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  • 2004Informational effects of regulation FD: evidence from rating agencies

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505 cited
  • 2008The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market500 cited
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    • 2017Credit Rating Agency and Equity Analysts’ Adjustments to GAAP Earnings16 cited