We investigate the nascent but fast-growing Chinese bond market and credit rating industry. We find Chinese bond ratings are informative and significantly correlated with bond offering yields. In addition, the Chinese bond investors distinguish ratings from different credit rating agencies...

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at issuance yields on split rated bonds with superior Moody's ratings are, on average, 8 basis points lower than yields on split rated bonds with superior S&P ratings. This pattern suggests that investors...

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at issuance, yields on split rated bonds with superior Moody's ratings are about 8 basis points lower than yields on split rated bonds with superior S&P ratings. This suggests that investors differentiate...

We examine and compare corporate bond rating standards, discriminatory power, stability, and market impact of investor-paid and issuer-paid ratings. We find no consistent evidence of investor-paid Egan-Jones ratings being more stringent or having higher discriminatory power of default risk....

The Credit Rating Reform and Dodd-Frank Acts significantly increased US credit rating regulation, yet few academic studies have examined their impact or capitalized on the regulatory disclosure data. To facilitate research in the area, this paper outlines the evolution of credit rating industry...