Asset Opaqueness and Split Bond Ratings

We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody's and S&P rating agencies. Our results suggest that there is a causal link between asset opaqueness and split rating...

Full description

Saved in:
Bibliographic Details
Published in:Financial management 2007-09, Vol.36 (3), p.49-62
Main Authors: Livingston, Miles, Naranjo, Andy, Zhou, Lei
Format: Article
Language:English
Subjects:
Accounting
Adverse selection
Analytical forecasting
Banking
Bond issues
Bond rating
Bond ratings
Bonds
Book value
Case studies
Corporate bonds
Corporate finance
Credit rating
Earnings per share
Financial assets
Financial disclosure
Financial instruments
Financial management
Financing methods
Hypotheses
Intangible assets
Investment policy
Methods
Municipal bonds
Opacity
Practice
Proxies
Proxy reporting
Proxy statements
R&D
Rating agencies (Securities)
Ratings & rankings
Regression analysis
Regulated industries
Research & development
Research & development expenditures
Standard deviation
Studies
U.S.A
Valuation
Variables
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody's and S&P rating agencies. Our results suggest that there is a causal link between asset opaqueness and split ratings.
ISSN:0046-3892
1755-053X
DOI:10.1111/j.1755-053X.2007.tb00080.x