We examine two competing views regarding the impact of competition among credit rating agencies on rating quality: the view that rating agencies do not sacrifice their reputation by inflating firm ratings and the view that competition among rating agencies arising from the conflict of interest...

This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...

This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...

This paper examines how bank culture helps to mitigate the impact of COVID-19 on banks’ default risk. Using 2,667 quarterly earnings call transcripts for a sample of 161 US Bank Holding Companies over 2016-20, we find that a stronger bank culture reduces the distance to default following...

This paper examines how bank culture helps to mitigate the impact of COVID-19 on banks’ default risk. Using 2,667 quarterly earnings call transcripts for a sample of 161 US Bank Holding Companies, we find that a stronger bank culture reduces banks’ default risk following COVID-19 shock. In...