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The Impact of Rating Agency Reputation on Local Government Bond Yields

Author

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  • Arthur Allen

    ()

  • Donna Dudney

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Abstract

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Suggested Citation

  • Arthur Allen & Donna Dudney, 2008. "The Impact of Rating Agency Reputation on Local Government Bond Yields," Journal of Financial Services Research, Springer;Western Finance Association, vol. 33(1), pages 57-76, February.
    • Handle: RePEc:kap:jfsres:v:33:y:2008:i:1:p:57-76
    DOI: 10.1007/s10693-007-0021-4
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    File URL: http://hdl.handle.net/10.1007/s10693-007-0021-4
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    References listed on IDEAS

    as
    1. H. Kent Baker & Sattar A. Mansi, 2002. "Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 29(9&10), pages 1367-1398.
    2. Kish, Richard J. & Hogan, Karen M. & Olson, Gerard, 1999. "Does the market perceive a difference in rating agencies?," The Quarterly Review of Economics and Finance, Elsevier, vol. 39(3), pages 363-377.
    3. Thompson, G Rodney & Vaz, Peter, 1990. "Dual Bond Ratings: A Test of the Certification Function of Rating Agencies," The Financial Review, Eastern Finance Association, vol. 25(3), pages 457-471, August.
    4. 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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    Citations

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    Cited by:

    1. Seung Han & William Moore & Yoon Shin & Seongbaek Yi, 2013. "Unsolicited Versus Solicited: Credit Ratings and Bond Yields," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(3), pages 293-319, June.
    2. G. Marandola & R. Mossucca, 2016. "When did the stock market start to react less to downgrades by Moody’s, S&P and Fitch?," Working Papers wp1066, Dipartimento Scienze Economiche, Universita' di Bologna.
    3. repec:bla:pbudge:v:37:y:2017:i:4:p:47-73 is not listed on IDEAS
    4. Robert A. Greer, 2016. "Local Government Risk Assessment: The Effect of Government Type on Credit Rating Decisions in Texas," Public Budgeting & Finance, Wiley Blackwell, vol. 36(2), pages 70-90, June.
    5. Gunter Löffler, 2013. "Can Market Discipline Work in the Case of Rating Agencies? Some Lessons from Moody’s Stock Price," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(2), pages 149-174, April.

    More about this item

    Keywords

    G12; G24; Split ratings; municipal bonds; rating agencies; reputation;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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