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Regulation, asset complexity, and the informativeness of credit ratings

2023-08Artigo científico Acesso aberto
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dc.contributor.authorJankowitsch, Rainer
dc.contributor.authorOttonello, Giorgio
dc.contributor.authorSubrahmanyam, Marti G
dc.contributor.institutionNOVA School of Business and Economics (NOVA SBE)
dc.contributor.pblOxford University Press
dc.date.accessioned2022-02-28T23:33:21Z
dc.date.available2024-01-20T01:31:56Z
dc.date.embargoedUntil2024-01-19
dc.date.issued2023-08
dc.description.abstractWe show that the effect of regulation on credit rating informativeness depends on asset complexity. Using the Dodd-Frank Act as a shock to the rating industry, we analyze the impact of rating changes on market prices, conditioning on various measures of complexity. Rating informativeness improves after Dodd-Frank, but not for assets with high complexity. Our results are robust to alternative measures of informativeness and provide strong evidence that the impact of regulation varies in the cross-section of securities. Our findings are consistent with models combining rating shopping with rating agencies that strategically decide on information acquisition and rating inflation.en
dc.description.versionauthorsversion
dc.description.versionpublished
dc.format.extent513659
dc.identifier.doi10.1093/rcfs/cfac003
dc.identifier.issn2046-9128
dc.identifier.otherPURE: 42051704
dc.identifier.otherPURE UUID: 9d7b7613-555e-4620-a3bd-216ea607f5d8
dc.identifier.othercrossref: 10.1093/rcfs/cfac003
dc.identifier.otherWOS: 000760735200001
dc.identifier.otherScopus: 85168377524
dc.identifier.urihttp://hdl.handle.net/10362/133750
dc.identifier.urlhttps://academic.oup.com/rcfs/advance-article/doi/10.1093/rcfs/cfac003/6511451
dc.language.isoeng
dc.peerreviewedyes
dc.titleRegulation, asset complexity, and the informativeness of credit ratingsen
dc.typejournal article
degois.publication.issue3
degois.publication.titleThe Review of Corporate Finance Studies
degois.publication.volume12
dspace.entity.typePublication
rcaap.rightsopenAccess

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