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Structural Shifts in Credit Rating Standards
16 references·16 citing·44 second hopsampled
Structural Shifts in Credit Rating Standards (2011)Structural Shifts in Credit Rating Standa…How did increased competition affect credit ratings? (2011)How did increased competition…Collateral and Capital Structure (2011)Collateral and Capital Struct…Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Why Do U.S. Firms Hold So Muc…The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes? (2009)The Idiosyncratic Volatility …The Credit Ratings Game (2009)The Credit Ratings GameDividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆ (2006)Dividend policy and the earne…Credit Ratings and Capital Structure (2006)Credit Ratings and Capital St…Has Financial Development Made the World Riskier? (2005)Has Financial Development Mad…Does the Source of Capital Affect Capital Structure? (2005)Does the Source of Capital Af…Equity Volatility and Corporate Bond Yields (2003)Equity Volatility and Corpora…The theory and practice of corporate finance: evidence from the field (2001)The theory and practice of co…Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk (2001)Have Individual Stocks Become…Disappearing dividends: changing firm characteristics or lower propensity to pay? (2001)Disappearing dividends: chang…The Declining Credit Quality of U.S. Corporate Debt: Myth or Reality? (1998)The Declining Credit Quality …The Effect of Bond Rating Agency Announcements on Bond and Stock Prices (1992)The Effect of Bond Rating Age…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Measuring credit risk using qualitative disclosure (2021)Measuring credit risk using q…Institutional investment horizons, corporate governance, and credit ratings: International evidence (2021)Institutional investment hori…Implicit government guarantees and credit ratings (2021)Implicit government guarantee…ESG as a Measure of Credit Ratings (2021)ESG as a Measure of Credit Ra…Disclosure or action: Evaluating ESG behavior towards financial performance (2021)Disclosure or action: Evaluat…Where the Heart Is: Information Production and the Home Bias (2020)Where the Heart Is: Informati…The Role of Gatekeepers in Capital Markets (2019)The Role of Gatekeepers in Ca…Are Credit Ratings More Rigorous for Widely Covered Firms? (2018)Are Credit Ratings More Rigor…The Financial Crisis and Corporate Credit Ratings (2017)The Financial Crisis and Corp…Non-rating revenue and conflicts of interest (2017)Non-rating revenue and confli…Large shareholders and credit ratings (2017)Large shareholders and credit…Credit Ratings and the Cost of Municipal Financing (2017)Credit Ratings and the Cost o…Credit Ratings Across Asset Classes: A Long-Term Perspective (2017)Credit Ratings Across Asset C…Credit Rating Inflation and Firms' Investments (2017)Credit Rating Inflation and F…Competition and Credit Ratings After the Fall (2017)Competition and Credit Rating…Did going public impair Moody׳s credit ratings? (2014)Did going public impair Moody…Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Bank Runs, Deposit Insurance, and Liquidity (1983)The Limits of Arbitrage (1995)Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture' (2009)Contagion in financial networks (2010)MACROPRUDENTIAL POLICY – A LITERATURE REVIEW (2010)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Econometric Analysis of Cross Section and Panel Data (2001)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Policy Uncertainty and Corporate Investment (2015)Distribution of the Estimators for Autoregressive Time Series with a Unit Root (1979)Distribution of the Estimators for Autoregressive Time Series With a Unit Root (1979)The distribution of realized stock return volatility (2001)Asymmetric correlations of equity portfolios (2002)Default Risk in Equity Returns (2004)The Econometrics of Financial Markets (2012)Agency costs of free cash flow, corporate finance, and takeovers (1996)Corporate Governance and Equity Prices (2003)Costly external finance, corporate investment, and the subprime mortgage credit crisis (2010)Product Market Threats, Payouts, and Financial Flexibility (2012)Feverish Stock Price Reactions to COVID-19* (2020)The Pricing of Options and Corporate Liabilities (1973)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)Idiosyncratic Risk Matters! (2003)Corporate Yield Spreads and Bond Liquidity (2007)Do Shareholders Benefit from Green Bonds? (2018)The Cross-Section of Expected Stock Returns (1992)Managing with Style: The Effect of Managers on Firm Policies (2003)Law, finance, and economic growth in China (2005)The economic implications of corporate financial reporting (2005)The relationship between credit default swap spreads, bond yields, and credit rating announcements (2004)The Economics of Structured Finance (2009)Why do firms pay dividends? International evidence on the determinants of dividend policy☆ (2008)Corporate Investment and Stock Market Listing: A Puzzle? (2014)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2001The theory and practice of corporate finance: evidence from the field5,947 cited
  • 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?3,039 cited
  • 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?2,896 cited
  • 2001Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk2,419 cited
  • 2006Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆1,805 cited
  • 2005Does the Source of Capital Affect Capital Structure?1,377 cited
  • 2003Equity Volatility and Corporate Bond Yields1,194 cited
  • 2005Has Financial Development Made the World Riskier?1,112 cited
  • 1992The Effect of Bond Rating Agency Announcements on Bond and Stock Prices1,002 cited
  • 2009The Credit Ratings Game966 cited
  • 2006Credit Ratings and Capital Structure847 cited
  • 1998The Declining Credit Quality of U.S. Corporate Debt: Myth or Reality?741 cited
  • 2011How did increased competition affect credit ratings?695 cited
  • 2009The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?518 cited

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  • 2011Collateral and Capital Structure510 cited
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    • 2017Credit Ratings and the Cost of Municipal Financing208 cited
    • 2021Disclosure or action: Evaluating ESG behavior towards financial performance165 cited
    • 2017The Financial Crisis and Corporate Credit Ratings145 cited
    • 2021Implicit government guarantees and credit ratings118 cited
    • 2021Measuring credit risk using qualitative disclosure108 cited
    • 2017Credit Ratings Across Asset Classes: A Long-Term Perspective105 cited
    • 2017Credit Rating Inflation and Firms' Investments97 cited
    • 2017Non-rating revenue and conflicts of interest94 cited
    • 2017Large shareholders and credit ratings90 cited
    • 2018Are Credit Ratings More Rigorous for Widely Covered Firms?89 cited
    • 2014Did going public impair Moody׳s credit ratings?89 cited
    • 2020Where the Heart Is: Information Production and the Home Bias85 cited
    • 2017Competition and Credit Ratings After the Fall85 cited
    • 2021Institutional investment horizons, corporate governance, and credit ratings: International evidence69 cited
    • 2019The Role of Gatekeepers in Capital Markets66 cited
    • 2021ESG as a Measure of Credit Ratings56 cited