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

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  • Shin, Yoon S.
  • Moore, William T.

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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, vol. 12(4), pages 327-344.
  • Handle: RePEc:eee:revfin:v:12:y:2003:i:4:p:327-344
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    2. Richard Cantor & Frank Packer, 1995. "Multiple ratings and credit standards: differences of opinion in the credit rating industry," Research Paper 9527, Federal Reserve Bank of New York.
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    5. 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, June.
    6. 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 1059-1082.
    7. 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.
    8. 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.
    9. Gregor Andrade & Steven N. Kaplan, 1998. "How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed," Journal of Finance, American Finance Association, vol. 53(5), pages 1443-1493, October.
    10. Healy, Pm & Palepu, Kg, 1990. "Earnings And Risk Changes Surrounding Primary Stock Offers," Journal of Accounting Research, Wiley Blackwell, vol. 28(1), pages 25-48.
    11. 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 231-261, April.
    12. 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.
    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.
    14. 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 539-567, October.
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    Cited by:

    1. Dähler, Timo, 2020. "Bias or ignorance? The politics and economics behind sovereign credit ratings," MPRA Paper 103965, University Library of Munich, Germany.
    2. Nobuyoshi Yamori & Narunto Nishigaki & Yoshihiro Asai, 2006. "Credit Ratings in the Japanese Bond Market," ISER Discussion Paper 0654, Institute of Social and Economic Research, Osaka University.
    3. Dion Bongaerts & K. J. Martijn Cremers & William N. Goetzmann, 2012. "Tiebreaker: Certification and Multiple Credit Ratings," Journal of Finance, American Finance Association, vol. 67(1), pages 113-152, February.
    4. Schaetzle, Dominik, 2011. "Ökonomische Funktionen von Ratingagenturen: Ratingagenturen in der neoinstitutionalistischen Finanzierungstheorie," Arbeitspapiere 113, University of Münster, Institute for Cooperatives.
    5. 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, vol. 29(C), pages 14-34.
    6. Shuzhuan Zheng & Rong Liu & Lijian Yang & Wolfgang K. Härdle, 2016. "Statistical inference for generalized additive models: simultaneous confidence corridors and variable selection," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 25(4), pages 607-626, December.
    7. Tanaka, Takanori, 2016. "How do managerial incentives affect the maturity structure of corporate public debt?," Pacific-Basin Finance Journal, Elsevier, vol. 40(PA), pages 130-146.
    8. Duan, Jin-Chuan & Van Laere, Elisabeth, 2012. "A public good approach to credit ratings – From concept to reality," Journal of Banking & Finance, Elsevier, vol. 36(12), pages 3239-3247.
    9. Guttler, Andre & Wahrenburg, Mark, 2007. "The adjustment of credit ratings in advance of defaults," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 751-767, March.
    10. Andreas Fuchs & Kai Gehring, 2017. "The Home Bias in Sovereign Ratings," Journal of the European Economic Association, European Economic Association, vol. 15(6), pages 1386-1423.
    11. Li, Joanne & Shin, Yoon S. & Moore, William T., 2006. "Reactions of Japanese markets to changes in credit ratings by global and local agencies," Journal of Banking & Finance, Elsevier, vol. 30(3), pages 1007-1021, March.
    12. Ismail, Ashraf & Oh, Seunghack & Arsyad, Nuruzzaman, 2015. "Split ratings and debt-signaling in bond markets: A note," Review of Financial Economics, Elsevier, vol. 24(C), pages 36-41.
    13. Behr, Patrick & Güttler, André, 2008. "The informational content of unsolicited ratings," Journal of Banking & Finance, Elsevier, vol. 32(4), pages 587-599, April.
    14. 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.
    15. Marandola, Ginevra, 2016. "InkLocal credit rating agencies: a new dataset," Research in International Business and Finance, Elsevier, vol. 38(C), pages 83-103.
    16. 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.
    17. 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).
    18. Yan-Shing Chen & Po-Hsin Ho & Chih-Yung Lin & Wei-Che Tsai, 2012. "Applying recurrent event analysis to understand the causes of changes in firm credit ratings," Applied Financial Economics, Taylor & Francis Journals, vol. 22(12), pages 977-988, June.
    19. Tanaka, Takanori, 2014. "Corporate governance and the cost of public debt financing: Evidence from Japan," Journal of the Japanese and International Economies, Elsevier, vol. 34(C), pages 315-335.
    20. Christophe Godlewski, 2004. "Are Bank Ratings Coherent with Bank Default Probabilities in Emerging Market Economies ?," Finance 0409023, University Library of Munich, Germany.
    21. Takanori Tanaka, 2014. "Gender diversity in the boards and the pricing of publicly traded corporate debt: evidence from Japan," Applied Financial Economics, Taylor & Francis Journals, vol. 24(4), pages 247-258, February.

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