Im Mittelpunkt dieser Arbeit steht die Analyse der Vor- und Nachteile einer geglätteten versus aktuellen Informationsbasis in einem theoretischen Modell. Am Beispiel stabiler Agency-Ratings und volatiler marktbasierter Ratings zeigt sich, dass die Effekte der Berichtsmethode von den...

A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to increase volatility in order to exploit the...

"A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to increase volatility in order to exploit the...

A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to increase volatility in order to exploit the...