Information Asymmetry and Firms' Credit Market Access: Evidence from Moody's Credit Rating Format Refinement

By Tony T. Tang. 2009

322 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/dd3cc9503708e4868754add22799be049bef5e70

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Citations in the corpus

Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital? (2010, methodology): “Tang (2009) extends this work by relying on the same event for additional tests.”
Does Information Asymmetry Affect Corporate Tax Aggressiveness? (2017, background): “However, these factors are inevitably correlated with unobservable firm heterogeneity such as investment opportunities, agency costs and unobserved quality, which makes it difficult to establish causality from information asymmetry to corporate policies (Tang, 2009).”
The Real Effects of Credit Ratings: The Sovereign Ceiling Channel (2017, background): “Tang (2009) finds that firms that are upgraded due to Moody’s 1982 ratings refinement increase investment by about 40%.”
The Real Consequences of Market Segmentation (2012, background): “Second, we examine differences in firm characteristics across credit ratings to show that there is no abrupt change in firm characteristics around the investment-grade cutoff.”
Information Asymmetry, the Cost of Debt, and Credit Events: Evidence from Quasi-Random Analyst Disappearances (2016, background): “For prominent examples of the impact of analysts on stock prices, see Womack (1996) and Lang, Lins, and Miller (2004); for liquidity, see Irvine (2001); for capital structure, see Chang, Dasgupta, and Hilary (2006); for corporate financing activities, see Dechow, Hutton, and Sloan (2000); and for…”
Information asymmetry, leverage and firm value: Do crisis and growth matter? (2016, background): “Moreover, our study is part of a growing body of literature (e.g. Shen, 2014; Drobetz et al., 2010; Lu et al., 2010; Bharath et al, 2009; Tang, 2009; Agarwal and O'Hara, 2007) emphasising the role of information asymmetry in corporate finance research.”