A closer look at credit rating processes : uncovering the impact of analyst rotation

Kilian R. Dinkelaker, Andreas-Walter Mattig, Stefan Morkoetter

We investigate the effect of credit analyst rotation in the context of long-term ratings of S&P 500 issuers between 2002 and 2015. We find that analyst rotation in the coverage of issuers is associated with higher rating activity and a lower credit risk assessment (e.g., rating downgrades) following the appointment of a new credit analyst. Our results provide empirical support for policies relating to mandatory credit analyst rotation programs

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Year of publication:	August 2019
Authors:	Dinkelaker, Kilian R. ; Mattig, Andreas ; Morkoetter, Stefan
Publisher:	St. Gallen : School of Finance, University of St. Gallen
Subject:	Rating agencies \| credit ratings \| credit analysts \| rotation policy \| analyst bias \| Kreditwürdigkeit \| Credit rating \| Finanzanalyse \| Financial analysis \| Ratingagentur \| Rating agency \| Kreditrisiko \| Credit risk

Extent:	1 Online-Ressource (circa 41 Seiten) Illustrationen
Series:	Working papers on finance. - Sankt Gallen : [Verlag nicht ermittelbar], ZDB-ID 2252526-9. - Vol. no. 2019, 11 University of St.Gallen, School of Finance Research Paper ; No. 2019/11
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	10.2139/ssrn.3432963 [DOI]
Classification:	G14 - Information and Market Efficiency; Event Studies ; G24 - Investment Banking; Venture Capital; Brokerage ; G28 - Government Policy and Regulation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012050955