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| Author: | Beaver, W.H. Shakespeare, C. Soliman, M.T. |
| Title: | Differential properties in the ratings of certified versus non-certified bond-rating agencies |
| Journal: | Journal of Accounting & Economics
2006 : DEC, VOL. 42:3, p. 303-334 |
| Index terms: | bond markets bond ratings finance investments agencies |
| Freeterms: | ratings |
| Language: | eng |
| Abstract: | This paper examines whether the properties of bond ratings (hereafter as: b-ratgs.) from certified agencies (here as: agcs.) differ from those of non-certified (as: non-crtd.) bond-rating agcs. B-ratgs. from non-crtd. agcs. are used only for investment advice. Certified ratgs. are used by a variety of constituents. It is found that the properties of the ratgs. from the 2 agency types differ in predictable ways. It is shown that the non-crtd. agency's ratgs. are consistent with their role of providing information to investors. The certified agency is generally more conservative. |
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