This paper explores the effect of credit rating agency's (CRA) reputation on the voluntary disclosures of corporate … qualitative (i.e. textual) information during periods of low CRA reputation to aid investors better assess credit risk. That the … corporate managers alter their voluntary disclosure in response to CRA reputation shocks is consistent with credit ratings …

Our study documents the direct and spillover costs arising from the loss of reputation for credit rating agencies (CRAs …). Credit ratings are essential for a well-functioning debt market, and the integrity of these ratings depends on the reputation … what was dubbed “India’s Lehman moment,” we shed light on (a) the economic effects of reputation loss for CRAs, (b) the …