Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/81900
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dc.contributor.authorBae, Kee-Hongen
dc.contributor.authorKang, Jun-Kooen
dc.contributor.authorWang, Jinen
dc.date.accessioned2016-01-13T03:28:00Zen
dc.date.accessioned2019-12-06T14:42:39Z-
dc.date.available2016-01-13T03:28:00Zen
dc.date.available2019-12-06T14:42:39Z-
dc.date.issued2015en
dc.identifier.citationBae, K.-H., Kang, J.-K., & Wang, J. (2015). Does Increased Competition Affect Credit Ratings? A Reexamination of the Effect of Fitch’s Market Share on Credit Ratings in the Corporate Bond Market. Journal of Financial and Quantitative Analysis, 50(05), 1011-1035.en
dc.identifier.issn0022-1090en
dc.identifier.urihttps://hdl.handle.net/10356/81900-
dc.description.abstractWe examine two competing views regarding the impact of competition among credit rating agencies on rating quality: the view that rating agencies do not sacrifice their reputation by inflating firm ratings, and the view that competition among rating agencies arising from the conflict of interest inherent in an “issuer pay” model creates pressure to inflate ratings. Using Fitch’s market share as a measure of competition among rating agencies and controlling for the endogeneity problem caused by unobservable industry effects, we find no relation between Fitch’s market share and ratings, suggesting that competition does not lead to rating inflation.en
dc.format.extent25 p.en
dc.language.isoenen
dc.relation.ispartofseriesJournal of Financial and Quantitative Analysisen
dc.rights© 2015 Michael G. Foster School of Business, University of Washington. This paper was published in Journal of Financial and Quantitative Analysis and is made available as an electronic reprint (preprint) with permission of Michael G. Foster School of Business, University of Washington. The published version is available at: [http://dx.doi.org/10.1017/S0022109015000472]. One print or electronic copy may be made for personal use only. Systematic or multiple reproduction, distribution to multiple locations via electronic or other means, duplication of any material in this paper for a fee or for commercial purposes, or modification of the content of the paper is prohibited and is subject to penalties under law.en
dc.subjectFinancial and Quantitative Analysisen
dc.titleDoes Increased Competition Affect Credit Ratings? A Reexamination of the Effect of Fitch’s Market Share on Credit Ratings in the Corporate Bond Marketen
dc.typeJournal Articleen
dc.contributor.schoolNanyang Business Schoolen
dc.identifier.doi10.1017/S0022109015000472en
dc.description.versionPublished versionen
item.grantfulltextopen-
item.fulltextWith Fulltext-
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