Yamori, Nobuyoshi; Nishigaki, Narunto; Asai, Yoshihiro - 2006
Recently, credit ratings have been enhancing the influence on issuers as well as the national economy. This paper … explains the historical development and several current features of the Japanese bond market, and discusses why credit ratings … gained a significant role in the 1990s. We also present empirical research on credit ratings in the Japanese bond market, and …