haku: @indexterm credit rating / yhteensä: 52
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| Tekijä: | Blume, M. E. Lim, F. Mackinlay, A. C. |
| Otsikko: | The declining credit quality of U. S. corporate debt: Myth or reality? |
| Lehti: | Journal of Finance
1998 : AUG, VOL. 53:4, p. 1389-1413 |
| Asiasana: | DEBT MANAGEMENT BOND RATINGS CREDIT RATING |
| Kieli: | eng |
| Tiivistelmä: | The authors note that in recent years the number of downgrades in corporate bond eatings has exceeded the number of uppgrades, leading some to conclude that the credit quality of U.S. corporate debt has declined. An alternative explanation of this apparent decline in credit quality is that the rating agencies are now using more stringent standards in assigning ratings. An analysis of a panel of firms from 1978 through 1995 suggests that rating standards have indeed become more stringent, implying that at least part of the downward trend in ratings is the result of changing standards. |
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