Kiesel, F. ; Schiereck, D. (2015)
The Effect of Ratings Announcements on Firms in Bank-Based Systems.
In: The Journal of Fixed Income, 24 (4)
Artikel, Bibliographie
Kurzbeschreibung (Abstract)
Rating agencies act as intermediaries for investors in evaluating the creditworthiness of borrowers. The role of ratings agencies is particularly crucial in market-based systems, because, in contrast to long-run bank relationships, outside investors are confronted with greater obstacles to in-depth and reliable evaluations of firm credit risk. The financial intermediation in bank-based systems has implications for the role and the focus of credit rating agencies. This study examines the influence of ratings announcements in Germany, one of the premier bank-based systems. During the study period, from January 2000 through June 2014, we examine 189 Standard & Poor’s and 204 Moody’s ratings announcements. Our results show that ratings announcements are less important in the German market than in market-based systems such as the United States.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2015 |
| Autor(en): | Kiesel, F. ; Schiereck, D. |
| Art des Eintrags: | Bibliographie |
| Titel: | The Effect of Ratings Announcements on Firms in Bank-Based Systems |
| Sprache: | Englisch |
| Publikationsjahr: | 2 April 2015 |
| Verlag: | Institutional Investor |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | The Journal of Fixed Income |
| Jahrgang/Volume einer Zeitschrift: | 24 |
| (Heft-)Nummer: | 4 |
| Kurzbeschreibung (Abstract): | Rating agencies act as intermediaries for investors in evaluating the creditworthiness of borrowers. The role of ratings agencies is particularly crucial in market-based systems, because, in contrast to long-run bank relationships, outside investors are confronted with greater obstacles to in-depth and reliable evaluations of firm credit risk. The financial intermediation in bank-based systems has implications for the role and the focus of credit rating agencies. This study examines the influence of ratings announcements in Germany, one of the premier bank-based systems. During the study period, from January 2000 through June 2014, we examine 189 Standard & Poor’s and 204 Moody’s ratings announcements. Our results show that ratings announcements are less important in the German market than in market-based systems such as the United States. |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Unternehmensfinanzierung |
| Hinterlegungsdatum: | 02 Apr 2015 13:05 |
| Letzte Änderung: | 21 Okt 2021 10:26 |
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