Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/81584
DC Field | Value | Language |
---|---|---|
dc.contributor | Department of Building and Real Estate | en_US |
dc.creator | Poon, WPH | en_US |
dc.creator | Shen, J | en_US |
dc.date.accessioned | 2020-01-06T08:49:29Z | - |
dc.date.available | 2020-01-06T08:49:29Z | - |
dc.identifier.issn | 0924-865X | en_US |
dc.identifier.uri | http://hdl.handle.net/10397/81584 | - |
dc.language.iso | en | en_US |
dc.publisher | Springer | en_US |
dc.rights | © Springer Science+Business Media, LLC, part of Springer Nature 2020 | en_US |
dc.rights | This 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/s11156-019-00868-7 | en_US |
dc.subject | Rating outlook | en_US |
dc.subject | Information content | en_US |
dc.subject | Credit risk | en_US |
dc.subject | Recovery effort | en_US |
dc.title | The roles of rating outlooks : the predictor of creditworthiness and the monitor of recovery efforts | en_US |
dc.type | Journal/Magazine Article | en_US |
dc.identifier.spage | 1063 | en_US |
dc.identifier.epage | 1091 | en_US |
dc.identifier.volume | 55 | en_US |
dc.identifier.issue | 3 | en_US |
dc.identifier.doi | 10.1007/s11156-019-00868-7 | en_US |
dcterms.abstract | Using 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.accessRights | open access | en_US |
dcterms.bibliographicCitation | Review of quantitative finance and accounting, Oct. 2020, v. 55, no. 3, p. 1063-1091 | en_US |
dcterms.isPartOf | Review of quantitative finance and accounting | en_US |
dcterms.issued | 2020-10 | - |
dc.identifier.eissn | 1573-7179 | en_US |
dc.description.validate | 202001 bcrc | en_US |
dc.description.oa | Author’s Original | en_US |
dc.identifier.FolderNumber | a0417-n02 | en_US |
dc.description.pubStatus | Published | en_US |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
RQFA_Manuscript_Preprint.pdf | Preprint version | 1.17 MB | Adobe PDF | View/Open |
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