Disagreement between rating agencies and bond opacity: A theoretical perspective

In this paper, we explicitly model a bond rating process under varying degrees of bond opacity and derive conditions under which disagreements between rating agencies (rating splits) can serve as a useful proxy for opacity in empirical analyses.

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Year of publication:	2014
Authors:	Hauck, Achim ; Neyer, Ulrike
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 123.2014, 1, p. 82-85
Publisher:	Elsevier
Subject:	Opaque assets \| Ratings \| Rating agencies \| Rating splits

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Type of publication:	Article
Classification:	G20 - Financial Institutions and Services. General ; G24 - Investment Banking; Venture Capital; Brokerage ; G30 - Corporate Finance and Governance. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010743692