The paper highlights the reputational damages suffered by major and minor rating agencies as a consequence of the subprime crisis. The analysis is based on a standard event standard methodology on a sample of 1821 announcements during the period November 2003 - November 2013. The evidence shows a lower market reaction to rating actions, especially when the evaluation is far away from the threshold between investment and speculative grade.
Aftermath of the suprime crisis: reputational damages suffered by major and minor rating agencies
DE VINCENTIIS, Paola;PIA, Patrizia
2014-01-01
Abstract
The paper highlights the reputational damages suffered by major and minor rating agencies as a consequence of the subprime crisis. The analysis is based on a standard event standard methodology on a sample of 1821 announcements during the period November 2003 - November 2013. The evidence shows a lower market reaction to rating actions, especially when the evaluation is far away from the threshold between investment and speculative grade.File in questo prodotto:
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