Credit Ratings in the Japanese Bond Market
AbstractRecently, credit ratings have been enhancing the influence on issuers as well as the national economy. This paper explains the historical development and several current features of the Japanese bond market, and discusses why credit ratings gained a significant role in the 1990s. We also present empirical research on credit ratings in the Japanese bond market, and discuss how foreign raters tend to assign lower credit ratings than Japanese ones, but that the relative ratings among raters end up being similar. Finally, we clarify the issues that remained to be solved before credit rating companies can be considered truly reliable.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 14913.
Date of creation: Mar 2006
Date of revision:
Credit Ratings; Bond Market; Japanese Economy; American Raters;
Other versions of this item:
- Nobuyoshi Yamori & Narunto Nishigaki & Yoshihiro Asai, 2006. "Credit Ratings in the Japanese Bond Market," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0654, Institute of Social and Economic Research, Osaka University.
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
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- Shin, Yoon S. & Moore, William T., 2003. "Explaining credit rating differences between Japanese and U.S. agencies," Review of Financial Economics, Elsevier, Elsevier, vol. 12(4), pages 327-344.
- Bongini, Paola & Laeven, Luc & Majnoni, Giovanni, 2002. "How good is the market at assessing bank fragility? A horse race between different indicators," Journal of Banking & Finance, Elsevier, Elsevier, vol. 26(5), pages 1011-1028, May.
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- Donald P. Morgan, 2002. "Rating Banks: Risk and Uncertainty in an Opaque Industry," American Economic Review, American Economic Association, American Economic Association, vol. 92(4), pages 874-888, September.
- Seung Han & William Moore & Yoon Shin & Seongbaek Yi, 2013. "Unsolicited Versus Solicited: Credit Ratings and Bond Yields," Journal of Financial Services Research, Springer, Springer, vol. 43(3), pages 293-319, June.
- Aman, Hiroyuki & Nguyen, Pascal, 2013. "Does good governance matter to debtholders? Evidence from the credit ratings of Japanese firms," Research in International Business and Finance, Elsevier, Elsevier, vol. 29(C), pages 14-34.
- Ferri, Giovanni & Lacitignola, Punziana & Lee, Jeong Yeon, 2013. "Foreign ownership and the credibility of national rating agencies: Evidence from Korea," Journal of Comparative Economics, Elsevier, vol. 41(3), pages 762-776.
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