Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/81584
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dc.contributorDepartment of Building and Real Estateen_US
dc.creatorPoon, WPHen_US
dc.creatorShen, Jen_US
dc.date.accessioned2020-01-06T08:49:29Z-
dc.date.available2020-01-06T08:49:29Z-
dc.identifier.issn0924-865Xen_US
dc.identifier.urihttp://hdl.handle.net/10397/81584-
dc.language.isoenen_US
dc.publisherSpringeren_US
dc.rights© Springer Science+Business Media, LLC, part of Springer Nature 2020en_US
dc.rightsThis is a pre-print of an article published in Review of Quantitative Finance and Accounting. The final authenticated version is available online at: https://doi.org/10.1007/s11156-019-00868-7en_US
dc.subjectRating outlooken_US
dc.subjectInformation contenten_US
dc.subjectCredit risken_US
dc.subjectRecovery efforten_US
dc.titleThe roles of rating outlooks : the predictor of creditworthiness and the monitor of recovery effortsen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage1063en_US
dc.identifier.epage1091en_US
dc.identifier.volume55en_US
dc.identifier.issue3en_US
dc.identifier.doi10.1007/s11156-019-00868-7en_US
dcterms.abstractUsing a comprehensive U.S. rating sample from S&P between 1981 and 2015, we examine the information content, responsiveness to credit risk and recovery efforts associated with rating outlooks. We find that rating outlooks (and credit watches) have important information content and are significantly associated with creditworthiness, measured by expected default frequency. More importantly, we show that by assigning negative outlooks, credit rating agencies induce some issuers to exert recovery efforts to prevent subsequent downgrades. The findings support the theoretical prediction of Boot et al. (Rev Financ Stud 19(1):81–118, 2006) that credit rating actions serve as a coordination mechanism between rating agencies and issuers.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationReview of quantitative finance and accounting, Oct. 2020, v. 55, no. 3, p. 1063-1091en_US
dcterms.isPartOfReview of quantitative finance and accountingen_US
dcterms.issued2020-10-
dc.identifier.eissn1573-7179en_US
dc.description.validate202001 bcrcen_US
dc.description.oaAuthor’s Originalen_US
dc.identifier.FolderNumbera0417-n02en_US
dc.description.pubStatusPublisheden_US
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