Earticle

초록

영어

This study empirically investigates the effect of increased competition among three credit rating agencies S&P, Fitch and Moody’sduring 2002 to 2010 on credit rating quality. This results show CRAs assign more favorable credit ratings to banks assigned ratings from two or three CRAs; i.e., credit rating quality declines when CRAs face increased competition. Second, the negative effect of increased competition on credit rating quality is more significant in the case of ratings by Fitch. Third, the significant increase in the number of banks assigned ratings after 2007 increases the negative effect of increased competition on credit rating quality. The high market share of Fitch mitigates the negative effect of competition on credit rating quality in developing countries. Using changes in credit ratings to proxy for credit rating quality yields consistent results.

목차

Abstract
 1. Introduction
 2. Background of CRAs History
 3. Review of the Literature on the Competition Effect
 4. Econometric Model and Competition
  4.1 Benchmark Model
  4.2 Proxies for Competition
  4.3 Extended Model
  4.4 Using Rating Changes
 5. Empirical results
  5.1 Data
  5.2 Basic Statistics about the Competition Effect
  5.3 Regression Analysis of Competition Effects
  5.4 Enhanced Competition Effect: Two Subsamples
  5.5 Enhanced Competition Effect: Country Development level
  5.6 Using Rating Changes
 6. Conclusion
 References
 Table

키워드

저자

• 한국재무학회

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330