دانلود مقاله ISI انگلیسی شماره 40521
عنوان فارسی مقاله

تاثیر قانون داد - فرانک بر رتبه بندی اعتباری

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
40521 2015 16 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Impact of the Dodd-Frank act on credit ratings ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 115, Issue 3, March 2015, Pages 505–520

کلمات کلیدی
فرانک - اعتبار - اعتبار - اطلاعات - بحران مالی
پیش نمایش مقاله
پیش نمایش مقاله تاثیر قانون داد - فرانک بر رتبه بندی اعتباری

چکیده انگلیسی

We analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) on corporate bond ratings issued by credit rating agencies (CRAs). We find no evidence that Dodd-Frank disciplines CRAs to provide more accurate and informative credit ratings. Instead, following Dodd-Frank, CRAs issue lower ratings, give more false warnings, and issue downgrades that are less informative. These results are consistent with the reputation model of Morris (2001), and suggest that CRAs become more protective of their reputation following the passage of Dodd-Frank. Consistent with Morris (2001), we find that our results are stronger for industries with low Fitch market share, where Moody׳s and Standard & Poor׳s have stronger incentives to protect their reputation (Becker and Milbourn, 2011). Our results are not driven by business cycle effects or firm characteristics, and strengthen as the uncertainty regarding the passage of Dodd-Frank gets resolved. We conclude that increasing the legal and regulatory costs to CRAs might have an adverse effect on the quality of credit ratings.

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