Reputations and credit ratings: Evidence from commercial mortgage-backed securities

被引：33
|
作者：
Baghai, Ramin P. [1 ]
Becker, Bo [1 ]
机构：
[1] Stockholm Sch Econ, Dept Finance, Box 6501, S-11383 Stockholm, Sweden
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2020年 / 135卷 / 02期
基金：
爱尔兰科学基金会; 美国安德鲁·梅隆基金会;
关键词：
Credit ratings; Reputation; Competition; Information quality; Commercial mortgage-backed securities; INFLATION; MARKET; ENTRY;
D O I：
10.1016/j.jfineco.2019.06.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
How do changes in a rating agency's reputation affect the ratings market? We study the dynamics of credit ratings after Standard & Poor's (S&P) was shut out of a large segment of the commercial mortgage-backed securities (CMBS) ratings market following a procedural mistake. Exploiting the fact that most CMBS have ratings from multiple agencies, we show that S&P subsequently eased its standards compared to other raters. This coincided with a partial recovery in the number of deals S&P was hired to rate. Our findings suggest that an agency can regain market share after suffering reputational damage by issuing optimistic ratings. (C) 2019 Elsevier B.V. All rights reserved.
引用
收藏
页码：425 / 444
页数：20
相关论文
共 50 条
12345