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Asset Opaqueness and Split Bond Ratings

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  • Miles Livingston
  • Andy Naranjo
  • Lei Zhou
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    Abstract

    We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody s and S&P rating agencies. Our results suggest that there is a causal link between asset opaqueness and split ratings. Copyright (c) 2007 Financial Management Association International.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2007.tb00080.x
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    Bibliographic Info

    Article provided by Financial Management Association International in its journal Financial Management.

    Volume (Year): 36 (2007)
    Issue (Month): 3 (09)
    Pages: 49-62

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    Handle: RePEc:bla:finmgt:v:36:y:2007:i:3:p:49-62

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    Cited by:
    1. Raddatz, Claudio & Schmukler, Sergio L., 2011. "Deconstructing herding : evidence from pension fund investment behavior," Policy Research Working Paper Series 5700, The World Bank.
    2. Stefan Arping & Zacharias Sautner, 2010. "Did the Sarbanes-Oxley Act of 2002 make Firms less Opaque? Evidence from Analyst Earnings Forecasts," Tinbergen Institute Discussion Papers 10-129/2/DSF 5, Tinbergen Institute.
    3. Alexandr Karminsky & Anatoly Peresetsky, 2009. "Ratings as Measure of Financial Risk: Evolution, Function and Usage," Journal of the New Economic Association, New Economic Association, issue 1-2, pages 86-102.
    4. Havrylchyk, Olena, 2011. "The effect of foreign bank presence on firm entry and exit in transition economies," BOFIT Discussion Papers 11/2011, Bank of Finland, Institute for Economies in Transition.
    5. Güntay, Levent & Hackbarth, Dirk, 2010. "Corporate bond credit spreads and forecast dispersion," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2328-2345, October.
    6. Hauck, Achim & Neyer, Ulrike, 2014. "Disagreement between rating agencies and bond opacity: A theoretical perspective," Economics Letters, Elsevier, vol. 123(1), pages 82-85.
    7. Flannery, Mark J. & Kwan, Simon H. & Nimalendran, Mahendrarajah, 2013. "The 2007–2009 financial crisis and bank opaqueness," Journal of Financial Intermediation, Elsevier, vol. 22(1), pages 55-84.
    8. Bannier, Christina E. & Behr, Patrick & Güttler, André, 2009. "Rating opaque borrowers: why are unsolicited ratings lower?," Frankfurt School - Working Paper Series 133, Frankfurt School of Finance and Management.
    9. Rasha Alsakka & Owain ap Gwilym, 2010. "The Extent and Causes of Sovereign Split Ratings," Working Papers 10008, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    10. Jones, Jeffrey S. & Lee, Wayne Y. & Yeager, Timothy J., 2012. "Opaque banks, price discovery, and financial instability," Journal of Financial Intermediation, Elsevier, vol. 21(3), pages 383-408.
    11. Al-Sakka, Rasha & ap Gwilym, Owain, 2010. "Split sovereign ratings and rating migrations in emerging economies," Emerging Markets Review, Elsevier, vol. 11(2), pages 79-97, June.
    12. Shen, Chung-Hua & Huang , Yu-Li & Hasan , Iftekhar, 2012. "Asymmetric benchmarking in bank credit rating," Research Discussion Papers 13/2012, Bank of Finland.
    13. Livingston, Miles & Naranjo, Andy & Zhou, Lei, 2008. "Split bond ratings and rating migration," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1613-1624, August.

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