Does Increased Competition Affect Credit Ratings? A Reexamination of the Effect of Fitch's Market Share on Credit Ratings in the Corporate Bond Market

被引：57

作者：

Bae, Kee-Hong ^{[1
]}

Kang, Jun-Koo ^{[2
]}

Wang, Jin ^{[3
]}

机构：

[1] York Univ, Schulich Sch Business, N York, ON M3J 1P3, Canada

[2] Nanyang Technol Univ, Nanyang Business Sch, Singapore 639798, Singapore

[3] Wilfrid Laurier Univ, Sch Business & Econ, Waterloo, ON N2L 3C5, Canada

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2015年 / 50卷 / 05期

关键词：

AGENCIES; QUALITY; DEBT;

D O I：

10.1017/S0022109015000472

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We 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.

引用

页码：1011 / 1035

页数：25

共 26 条

[1] Securitization without risk transfer [J].