haku: @all credit rating / yhteensä: 95
viite: 86 / 95
| Tekijä: | Hsueh, P. L. Liu, Y. A. |
| Otsikko: | Should all tax-exempt borrowers with investment-grade quality acquire credit ratings? |
| Lehti: | Journal of Business Finance and Accounting
1993 : JAN, VOL. 20:2, p. 291-306 |
| Asiasana: | CREDIT RATING BOND MARKETS BORROWING |
| Kieli: | eng |
| Tiivistelmä: | Credit ratings help reveal and certify borrowers' quality in a market with information asymmetry. In this study, authors examine the quality revelation and certification values of bond rating in the tax-exempt bond market in which a high percentage of new issues are not rated. They show that larger borrowers whose bond issues are targeted at national markets benefit more from acquiring a bond rating than smaller/local borrowers. Their findings not only provide a plausible explanation why investment-grade quality borrowers may choose not to acquire a credit rating, but also are consistent with the observation that most nonrated tax-exempt bonds are relatively small in issue size. |
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