Tiebreaker: Certification and Multiple Credit Ratings

By Dion Bongaerts, Karolis Cremers, Will Goetzmann. 2009

347 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/4b7d707b2fed509da6ca8d3e38027219bd72ea82

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Citations in the corpus

Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing (2013, neutral): “Moreover, the correlations remain very high throughout the sample period, and the incidence of socalled split ratings, where the agencies issue different ratings, is relatively modest (see also Jewell and Livingston (1998) and Bongaerts, Cremers, and Goetzmann (2012)).”
Aggregate Confusion: The Divergence of ESG Ratings (2020, result): “Our study is related to research on credit rating agencies, in particular, those dealing with the question why credit ratings differ (Bongaerts et al., 2012; Güntay and Hackbarth, 2010; Jewell and Livingston, 1998; Cantor and Packer, 1997). Similar to Griffin and Tang (2011), we estimate the underly”
Ratings Quality Over the Business Cycle (2013, background): “∂z ∂w (w∗ B, γB) = 1 1− λH 1 δpH((1− τB)V ∗ B + τBV ∗ R)− πB (8)”
Climate Regulatory Risks and Corporate Bonds (2020, neutral): “For example, there exists work showing a strong relation between country ESG (5)As pointed out by Bongaerts et al. (2012), credit rating agencies do not have the same goals.”
Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-Backed Securities (2012, neutral): “…institutions such as investment banks (e.g., Kisgen, Qian, and Song (2009)) and subprime lenders (e.g., Alexander et al. (2002)), but studies of conflicts facing rating agencies focus mainly on the corporate bond market (e.g., Becker and Milbourn (2010), Bongaerts, Cremers, and Goetzmann (2012)).”
The Credit Ratings Game (2012, neutral): “Bongaerts, Cremers, and Goetzmann (2009) …nd that Fitch’s rating were often used to break ties between S&P and Moody’s.”
Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings (2013, neutral): “This reasoning has previously been discussed by Benmelech and Dlugosz (2009b) and Bongaerts, Cremers, and Goetzmann (2012).”