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| Tekijä: | Duff, A. Einig, S. |
| Otsikko: | Credit ratings quality: The perceptions of market participants and other interested parties |
| Lehti: | British Accounting Review
2009 : SEP, VOL. 41:3, p. 141-153 |
| Asiasana: | credit markets credit rating quality United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | In this paper, a measurement instrument is built to capture ratings quality (hereafter as: r-q.) provided by credit ratings agencies (CRAs). Differences are assessed in perceptions of r-q. amongst four stakeholder groups in public debt markets. Two macro-constructs of r-q. are identified, called Technical Qualities and Relationship Qualities which are measured by 10 micro-attributes. Empirical testing is based on data obtained in the U.K. from 121 issuers, 75 non-debt issuing financial managers, 90 investors, and 120 other interested parties. It is suggested that r-q. involves, in order of importance: the CRA's reputation, those values and norms of the CRA shared by users, the methodologies employed by the CRA, the independence of the CRA, and internal processes within the CRA. |
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