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Explaining credit rating differences between Japanese and U.S. agencies

  • Shin, Yoon S.
  • Moore, William T.
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    File URL: http://www.sciencedirect.com/science/article/B6W61-4B1YS7W-2/2/0b015f03560dc906a09e4d1eb030e98b
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    Article provided by Elsevier in its journal Review of Financial Economics.

    Volume (Year): 12 (2003)
    Issue (Month): 4 ()
    Pages: 327-344

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    Handle: RePEc:eee:revfin:v:12:y:2003:i:4:p:327-344
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620170

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    1. Kang, Jun-Koo & Shivdasani, Anil, 1997. "Corporate restructuring during performance declines in Japan," Journal of Financial Economics, Elsevier, vol. 46(1), pages 29-65, October.
    2. Richard Cantor & Frank Packer, 1996. "Multiple ratings and credit standards: differences of opinion in the credit rating industry," Staff Reports 12, Federal Reserve Bank of New York.
    3. Gregor Andrade & Steven N. Kaplan, 1997. "How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed," NBER Working Papers 6145, National Bureau of Economic Research, Inc.
    4. Kang, Jun-Koo & Stulz, Rene M, 2000. "Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience," The Journal of Business, University of Chicago Press, vol. 73(1), pages 1-23, January.
    5. Ederington, Louis H, 1985. "Classification Models and Bond Ratings," The Financial Review, Eastern Finance Association, vol. 20(4), pages 237-62, November.
    6. Estrella, Arturo, 1998. "A New Measure of Fit for Equations with Dichotomous Dependent Variables," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 198-205, April.
    7. Morck, Randall & Nakamura, Masao & Shivdasani, Anil, 2000. "Banks, Ownership Structure, and Firm Value in Japan," The Journal of Business, University of Chicago Press, vol. 73(4), pages 539-67, October.
    8. Kaplan, Robert S & Urwitz, Gabriel, 1979. "Statistical Models of Bond Ratings: A Methodological Inquiry," The Journal of Business, University of Chicago Press, vol. 52(2), pages 231-61, April.
    9. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1990. "The Role of Banks in Reducing the Costs of Financial Distress in Japan," NBER Working Papers 3435, National Bureau of Economic Research, Inc.
    10. Prowse, Stephen D., 1990. "Institutional investment patterns and corporate financial behavior in the United States and Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 43-66, September.
    11. W. Carl Kester, 1991. "Japanese Corporate Governance And The Conservation Of Value In Financial Distress," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(2), pages 98-105.
    12. Pinkowitz, Lee & Williamson, Rohan, 2001. "Bank Power and Cash Holdings: Evidence from Japan," Review of Financial Studies, Society for Financial Studies, vol. 14(4), pages 1059-82.
    13. Liu, Pu & Moore, William T, 1987. "The Impact of Split Bond Ratings on Risk Premia," The Financial Review, Eastern Finance Association, vol. 22(1), pages 71-85, February.
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