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| Author: | Cheng, M. Neamtiu, M. |
| Title: | An empirical analysis of changes in credit rating properties: timeliness, accuracy and volatility |
| Journal: | Journal of Accounting & Economics
2009 : MAR, VOL. 47:1-2, p. 108-130 |
| Index terms: | credit rating investors regulations empirical research bankruptcy |
| Language: | eng |
| Abstract: | Recently, credit rating agencies have faced increased regulatory pressure and investor criticism for their ratings' lack of timeliness. This paper examines whether and how rating agencies respond to such pressure and criticism. It is found that the rating agencies not only improve rating timeliness, but they also increase rating accuracy and reduce rating volatility. The findings support the criticism that, formerly, rating agencies did not avail themselves of the best rating methodologies / efforts possible. Rating agencies respond by improving their credit analysis when their market power is threatened by the possibility of increased regulatory intervention. |
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