Credit rating and structral capital

... direct effects of credit ratings on capital structure decisions, significant research has been conducted examining how credit ratings affect stock and bond valuations Hand, Holthausen and Leftwich ... with a credit rating in Compustat at the beginning of a particular year The credit rating used is Standard & Poor’s Long-Term Domestic Issuer Credit Rating (Compustat data item no 280) This rating ... test’s reliance on time-series credit rating variation within firms to identify the relationship between credit ratings and capital structure The within firm credit rating variance however is not...

Tài liệu The Credit Rating Crisis∗Harvard University and NBER pptx

... exploit rating- based arbitrage between the credit rating of the securities they purchase as assets, and the rating of the liabilities that they issue The credit rating arbitrage is higher when liabilities ... with two snapshots of credit rating at the tranche level,: (i) the rating at the issue date, and (ii) the rating as of January 2008 We measure rating transition as the rating change from issuance ... that is the gap between the credit rating of the assets and liabilities is higher.12 Leveraging assets up and obtaining as high credit rating as they can get may induce issuers to shop for rating...

Tài liệu THE RELATIONSHIP BETWEEN CREDIT DEFAULT SWAP SPREADS, BOND YIELDS, AND CREDIT RATING ANNOUNCEMENTS ppt

... credit rating announcements by Moody’s are anticipated by participants in the credit default swap market THE RELATIONSHIP BETWEEN CREDIT DEFAULT SWAP SPREADS, BOND YIELDS, AND CREDIT RATING ANNOUNCEMENTS ... THE RELATIONSHIP BETWEEN CREDIT DEFAULT SWAP SPREADS, BOND YIELDS, AND CREDIT RATING ANNOUNCEMENTS Abstract A company’s credit default swap spread is the cost per annum for ... rather than bonds The paper has two objectives The first is to examine the relationship between credit default swap spreads and bond yields The second is to examine the relationship between credit...

THE CREDIT RATING INDUSTRY - RICHARD CANTOR AND FRANK PACKER pot

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Credit Ratings and Capital Structure doc

... between credit ratings and capital structure The Credit Ratings and Capital Structure 1055 Table IV Credit Rating Impact on Capital Structure Decisions—POM Coefficients by Year Coefficients and standard ... only and 0.0030 for net equity only, and both are statistically significant at 1% Credit Ratings and Capital Structure 1059 Table V Credit Rating Impact on Capital Structure Decisions Credit ... performance Credit Ratings and Capital Structure 1049 Table I Sample Summary Statistics Ratings and Leverage Means, medians, and standard deviations of debt/(debt + equity) by credit rating...

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL - On amending Regulation (EC) No 1060/2009 on credit rating agencies ppt

... REGULATION (EU) No …/… OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL On amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL ... of the breach, the duration of the breach and the economic capacity of the credit rating agency concerned The amount of the fine shall not exceed 20% of the annual income or turnover of the credit ... Supervision of 27.5.2009, COM(2009) 252 final EN Regulation on Credit Rating Agencies4 of the European Parliament and of the Council The Commission's suggestion was endorsed by the European Council...

CREDIT RATING AGENCIES AND THEIR POTENTIAL IMPACT ON DEVELOPING COUNTRIES docx

... 1995, Brookings Papers on Economic Activity:1, (Washington: Brookings Institution Setty G and Dodd R (2003) Credit Rating Agencies: Their Impact on Capital Flows to Developing Countries, Financial ... Ital Rating DCR SPA Fitch IBCA Duff and Phelps Credit Rating Agency Dominion Bond Rating Service (DBRS) Canadian Bond Rating Service ( BRS) Table 2: Rating agencies recognized in various countries ... number o f rating agencies recognized Thompson Bank Watch Standard and Poor's Rating Services Moody's Investor Service Mikuni and Co Japan Rating and Investment Information Japan Credit Rating Agency...

“Village Banks (Village Savings and Credit Groups) in Vientiane Capital, Laos” – Roadmap Scenarios for a Sustainable Future potx

... Sparkassenstiftung für internationale Kooperation “Village Banks (Village Savings and Credit Groups) in Vientiane Capital, Laos” – Roadmap Scenarios for a Sustainable Future by Prof Dr Hans Dieter Seibel ... (savings banks) and development aid In the mid 60s the German Sparkassen-Finanzgruppe (Savings Banks Finance Group) was ﬁrst approached by microﬁnance institutions and regional banks in Africa ... Seno Savannakhet SCU Louang Prabang Louang Prabang SCU Thakhek Khammouane SCU Houamchay Phattana Savannakhet SCU Paksong Savannakhet SCU Huasae Chaleunouaxe Champasak 10 SCU Thoulakhom Vientiane...

Best’s Credit Rating Methodology : Global Life and Non-Life Insurance Edition potx

... Best’s Credit Rating Process – Holding Company Analysis Best’s Credit Rating Methodology 21 Global Life and Non -Life Insurance Edition Key Components of Best’s Credit Rating ... Supervision/Liquidation Best’s Credit Rating Methodology _ Global Life and Non -Life Insurance Edition Short-Term Issuer Credit Ratings and Short-Term Debt Ratings Rating Scale – ... interactive ratings from the entities/issuers that it rates Best’s Credit Rating Methodology _ Global Life and Non -Life Insurance Edition Overview: Best’s Credit Ratings About...

How and Where Capital Account Liberalization Leads to Economic Growth

... good predictor of long-run rates of economic growth, capital accumulation and productivity improvements It has been shown elsewhere (Arestis and Demetriades, 1997) that although King and Levine ... Demetriades, O.P and Fattouh, B (2003), “Financial Policies and the Aggregate Productivity of the Capital Stock”, Eastern Economic Journal, 29(2), pp 217-242 Arestis, P., P Demetriades, B Fattouh and K ... (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35, 688-726 Levine, R (1999), “Law, Finance, and Economic Growth , Journal of Financial Intermediation,...

Consumer credit regulated and exempt agreements

... Act and the Legislative Reform (Consumer Credit) Order 200815, and the Consumer Credit (Exempt Agreements) Order 200716 Agreements secured on land 3.2 The Act does not regulate: • • 3.3 a regulated ... Section 82(3) EXEMPT AGREEMENTS 3.1 The principal exemptions are set out in section 16 of the Act and the Consumer Credit (Exempt Agreements) Order 1989 as amended (the Order)14 Further exemptions ... Exempt agreements Page INTRODUCTION 1.1 This guidance note provides a brief overview of regulated and exempt agreements under the Consumer Credit Act 1974 (the Act) 1.2 The Act was amended by the Consumer...

Tài liệu Một số vấn đề về xếp hạng tín nhiệm DN ( Corporate credit rating) pdf

... đến tình hình kinh doanh, tài doanh nghiệp hoạt động Phương pháp xếp hạng tín nhiệm Các hạng Mức Hệ Số Tín Nhiệm công cụ nợ dài hạn Chỉ số Tín Nhiệm theo S&P Chỉ số Tín Nhiệm theo Phân loại Chất ... dự báo hạng mức tín nhiệm, cách dự phòng báo báo cáo tài tương lai xếp hạng lại xây dựng mô hình toán học để dự báo hạng mức tín nhiệm doanh nghiệp Một vài đặc điểm cần biết xếp hạng tín nhiệm ... tài Mỹ phân phối 11 tỷ số tất ngành theo hạng mức tín nhiệm từ cao đến thấp (tính tỷ số trung bình ngành) Trong đó, tỷ số có mối quan hệ mạnh mẽ với hạng mức tín nhiệm ngành từ Aaa đến C: • (FFO...

Optimal security design and dynamic capital structure in a countinous time agency model DEMARZO & SANNIKOV

... Cadenillas, Abel, Jaksa Cvitanic, and Fernando Zapatero, 2003, Dynamic principal-agent problems with perfect information, Working paper, USC Clementi, Gian Luca, and Hugo A Hopenhayn, 2002, A ... 1998, Agency costs, risk management, and capital structure, Journal of Finance 53, 1213-1243 Leland, Hayne E., and Klaus.B Toft, 1996, Optimal capital structure, endogenous bankruptcy, and the ... (1984), and Bolton and Scharfstein (1990) See also Innes (1990) for optimal security design in a standard principal-agent setting Dewatripont and Tirole (1994) discuss the role of capital structure...

Tài liệu Financial Development and Industrial Capital Accumulation pdf

... efficient industrial capital accumulation The study owes a great deal to the reflection recently offered by Rajan and Zingales (1999) on the issue of financial development and industrial change ... allocation and asset pricing under incomplete trust In section the model is used to analyze the effect of financial infrastructural development on industrial capital accumulation, and to show ... honest and prudent behavior from financial market participants.2 This study shows that in a market economy the development of financial infrastructure stimulates larger and more efficient industrial...

Tài liệu Financial Liberalization and the Capital Account Thailand 1988–1997 doc

... Account and Financial Sector in the early 1990s Liberalization of the Capital Account Liberalization of the Financial System IV Consequences of the Liberalization of the Capital Account and the Financial ... to the Regulatory Regime in the Aftermath of the Liberalization of the Financial System and the Capital Account Financial sector liberalization and the opening of the capital account changed the ... of the total amount of shares sold Source: Bank of Thailand, Financial Institutions and Markets in Thailand, 1998 - 21 - IV Consequences of the Liberalization of the Capital Account and the Financial...

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