Accesso libero

Does Split Rating Affect Corporate Bond Yields? Evidence from North America and Europe

 e   
07 gen 2025
INFORMAZIONI SU QUESTO ARTICOLO

Cita
Scarica la copertina

Abad, P., Ferreras, R., & Robles, M. D. (2020). Information Opacity and Corporate Bond Returns: The Dynamics of Split Ratings. Journal of International Financial Markets, Institutions and Money, 68, 101239. https://doi.org/10.1016/j.intfin.2020.101239 AbadP. FerrerasR. RoblesM. D. 2020 Information Opacity and Corporate Bond Returns: The Dynamics of Split Ratings Journal of International Financial Markets, Institutions and Money 68 101239 https://doi.org/10.1016/j.intfin.2020.101239 Search in Google Scholar

Akins, B. (2013). Financial Reporting Quality and Uncertainty About Credit Risk Among the Ratings Agencies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2375976 AkinsB. 2013 Financial Reporting Quality and Uncertainty About Credit Risk Among the Ratings Agencies SSRN Electronic Journal https://doi.org/10.2139/ssrn.2375976 Search in Google Scholar

Allen, A. C., & Dudney, D. M. (2008). The Impact of Rating Agency Reputation on Local Government Bond Yields. Journal of Financial Services Research, 33(1), 57–76. https://doi.org/10.1007/s10693-007-0021-4 AllenA. C. DudneyD. M. 2008 The Impact of Rating Agency Reputation on Local Government Bond Yields Journal of Financial Services Research 33 1 57 76 https://doi.org/10.1007/s10693-007-0021-4 Search in Google Scholar

Al-Sakka, R., & ap Gwilym, O. (2010). Split Sovereign Ratings and Rating Migrations in Emerging Economies. Emerging Markets Review, 11(2), 79–97. https://doi.org/10.1016/j.ememar.2009.11.005 Al-SakkaR. ap GwilymO. 2010 Split Sovereign Ratings and Rating Migrations in Emerging Economies Emerging Markets Review 11 2 79 97 https://doi.org/10.1016/j.ememar.2009.11.005 Search in Google Scholar

Amstad, M., & Packer, F. (2015). Sovereign Ratings of Advanced and Emerging Economies After the Crisis. BIS Quarterly Review. https://econpapers.repec.org/article/bisbisqtr/1512h.htm AmstadM. PackerF. 2015 Sovereign Ratings of Advanced and Emerging Economies After the Crisis BIS Quarterly Review https://econpapers.repec.org/article/bisbisqtr/1512h.htm Search in Google Scholar

Badoer, D. C., Demiroglu, C., & James, C. M. (2019). Ratings Quality and Borrowing Choice. The Journal of Finance, 74(5), 2619–2665. https://doi.org/10.1111/jofi.12820 BadoerD. C. DemirogluC. JamesC. M. 2019 Ratings Quality and Borrowing Choice The Journal of Finance 74 5 2619 2665 https://doi.org/10.1111/jofi.12820 Search in Google Scholar

Baker, H. K., & Mansi, S. A. (2002). Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors. Journal of Business Finance & Accounting, 29(9–10), 1367–1398. https://doi.org/10.1111/1468-5957.00474 BakerH. K. MansiS. A. 2002 Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors Journal of Business Finance & Accounting 29 9–10 1367 1398 https://doi.org/10.1111/1468-5957.00474 Search in Google Scholar

Bartels, B. (2019). Why Rating Agencies Disagree on Sovereign Ratings. Empirical Economics, 57(5), 1677–1703. https://doi.org/10.1007/s00181-018-1503-y BartelsB. 2019 Why Rating Agencies Disagree on Sovereign Ratings Empirical Economics 57 5 1677 1703 https://doi.org/10.1007/s00181-018-1503-y Search in Google Scholar

Basu, R., Naughton, J. P., & Wang, C. (2020). The Regulatory Role of Credit Ratings and Voluntary Disclosure. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3532030 BasuR. NaughtonJ. P. WangC. 2020 The Regulatory Role of Credit Ratings and Voluntary Disclosure SSRN Electronic Journal https://doi.org/10.2139/ssrn.3532030 Search in Google Scholar

Bayar, Y. (2014). Recent Financial Crises and Regulations on the Credit Rating Agencies. Research in World Economy, 5(1), p49. https://doi.org/10.5430/rwe.v5n1p49 BayarY. 2014 Recent Financial Crises and Regulations on the Credit Rating Agencies Research in World Economy 5 1 49 https://doi.org/10.5430/rwe.v5n1p49 Search in Google Scholar

Bevilaqua, J., Hale, G., & Tallman, E. (2020). Corporate Yields: Effect of Credit Ratings and Sovereign Yields. AEA Papers and Proceedings, 110, 499–503. https://doi.org/10.1257/pandp.20201008 BevilaquaJ. HaleG. TallmanE. 2020 Corporate Yields: Effect of Credit Ratings and Sovereign Yields AEA Papers and Proceedings 110 499 503 https://doi.org/10.1257/pandp.20201008 Search in Google Scholar

Beyene, K., & Bekele, S. A. (2016). Assessing Univariate and Multivariate Homogeneity of Variance: A Guide for Practitioners. Journal of Mathematical Theory and Modeling, 6(5), 13–17. BeyeneK. BekeleS. A. 2016 Assessing Univariate and Multivariate Homogeneity of Variance: A Guide for Practitioners Journal of Mathematical Theory and Modeling 6 5 13 17 Search in Google Scholar

Białek-Jaworska, A., & Krawczyk, T. (2019). Corporate Bonds or Bank Loans? The Choice of Funding Sources and Information Disclosure of Polish Listed Companies. Central European Economic Journal, 6(53), 262–285. https://doi.org/10.2478/ceej-2019-0017 Białek-JaworskaA. KrawczykT. 2019 Corporate Bonds or Bank Loans? The Choice of Funding Sources and Information Disclosure of Polish Listed Companies Central European Economic Journal 6 53 262 285 https://doi.org/10.2478/ceej-2019-0017 Search in Google Scholar

Billingsley, R. S., Lamy, R. E., Marr, M. W., & Thompson, G. R. (1985). Split Ratings and Bond Reoffering Yields. Financial Management, 14(2), 59. https://doi.org/10.2307/3665158 BillingsleyR. S. LamyR. E. MarrM. W. ThompsonG. R. 1985 Split Ratings and Bond Reoffering Yields Financial Management 14 2 59 https://doi.org/10.2307/3665158 Search in Google Scholar

Bloomberg. (2023). Spread to Benchmark at Issue. Bloomberg Professional Services. Bloomberg 2023 Spread to Benchmark at Issue Bloomberg Professional Services Search in Google Scholar

Bongaerts, D., Cremers, K. J. M., & Goetzmann, W. N. (2012). Tiebreaker: Certification and Multiple Credit Ratings. The Journal of Finance, 67(1), 113–152. https://doi.org/10.1111/j.1540-6261.2011.01709.x BongaertsD. CremersK. J. M. GoetzmannW. N. 2012 Tiebreaker: Certification and Multiple Credit Ratings The Journal of Finance 67 1 113 152 https://doi.org/10.1111/j.1540-6261.2011.01709.x Search in Google Scholar

Bonsall, S. B., & Miller, B. P. (2017). The Impact of Narrative Disclosure Readability on Bond Ratings and the Cost of Debt. Review of Accounting Studies, 22(2), 608–643. https://doi.org/10.1007/s11142-017-9388-0 BonsallS. B. MillerB. P. 2017 The Impact of Narrative Disclosure Readability on Bond Ratings and the Cost of Debt Review of Accounting Studies 22 2 608 643 https://doi.org/10.1007/s11142-017-9388-0 Search in Google Scholar

Bowe, M., & Larik, W. (2014). Split Ratings and Differences in Corporate Credit Rating Policy between Moody’s and Standard & Poor’s. Financial Review, 49(4), 713–734. https://doi.org/10.1111/fire.12054 BoweM. LarikW. 2014 Split Ratings and Differences in Corporate Credit Rating Policy between Moody’s and Standard & Poor’s Financial Review 49 4 713 734 https://doi.org/10.1111/fire.12054 Search in Google Scholar

Calabria, M., & Ekins, E. M. (2012). Regulation, Market Structure, and Role of the Credit Rating Agencies. SSRN Scholarly Paper No. 2225950. https://papers.ssrn.com/abstract=2225950 CalabriaM. EkinsE. M. 2012 Regulation, Market Structure, and Role of the Credit Rating Agencies SSRN Scholarly Paper No. 2225950 https://papers.ssrn.com/abstract=2225950 Search in Google Scholar

Cantor, R., Cole, K., & Packer, F. (1997). Split Ratings and the Pricing of Credit Risk. Research Paper. https://ideas.repec.org//p/fip/fednrp/9711.html CantorR. ColeK. PackerF. 1997 Split Ratings and the Pricing of Credit Risk Research Paper https://ideas.repec.org//p/fip/fednrp/9711.html Search in Google Scholar

Caridad, L., Núñez-Tabales, J., Seda, P., & Arencibia, O. (2020). Do Moody’s and S&P Firm’s Ratings Differ? Economics & Sociology, 13(4), 173–186. https://doi.org/10.14254/2071-789X.2020/13-4/11 CaridadL. Núñez-TabalesJ. SedaP. ArencibiaO. 2020 Do Moody’s and S&P Firm’s Ratings Differ? Economics & Sociology 13 4 173 186 https://doi.org/10.14254/2071-789X.2020/13-4/11 Search in Google Scholar

Chen, Z. (2011). Why Do Firms Buy Multiple Ratings? Shanghai University of Finance and Economics. Working paper. ChenZ. 2011 Why Do Firms Buy Multiple Ratings? Shanghai University of Finance and Economics Working paper. Search in Google Scholar

Chen, Z., & Wang, Z. (2021). Do Firms Obtain Multiple Ratings to Hedge Against Downgrade Risk? Journal of Banking & Finance, 123, 106006. https://doi.org/10.1016/j.jbankfin.2020.106006 ChenZ. WangZ. 2021 Do Firms Obtain Multiple Ratings to Hedge Against Downgrade Risk? Journal of Banking & Finance 123 106006 https://doi.org/10.1016/j.jbankfin.2020.106006 Search in Google Scholar

Cunha, I., Ferreira, M. A., & Silva, R. C. (2022). Do Credit Rating Agencies Influence Elections? Review of Finance, 26(4), 937–969. https://doi.org/10.1093/rof/rfac039 CunhaI. FerreiraM. A. SilvaR. C. 2022 Do Credit Rating Agencies Influence Elections? Review of Finance 26 4 937 969 https://doi.org/10.1093/rof/rfac039 Search in Google Scholar

Dandapani, K. (2007). Examining Split Bond Ratings: Effect of Rating Scale. Quarterly Journal of Business and Economics, 46(2), 65–83. https://go.gale.com/ps/i.do?p=AONE&sw=w&issn=07475535&v=2.1&it=r&id=GALE%7CA167777781&sid=googleScholar&linkaccess=abs DandapaniK. 2007 Examining Split Bond Ratings: Effect of Rating Scale Quarterly Journal of Business and Economics 46 2 65 83 https://go.gale.com/ps/i.do?p=AONE&sw=w&issn=07475535&v=2.1&it=r&id=GALE%7CA167777781&sid=googleScholar&linkaccess=abs Search in Google Scholar

Dimitrov, V., Palia, D., & Tang, L. (2015). Impact of the Dodd-Frank Act on Credit Ratings. Journal of Financial Economics, 115(3), 505–520. https://doi.org/10.1016/j.jfineco.2014.10.012 DimitrovV. PaliaD. TangL. 2015 Impact of the Dodd-Frank Act on Credit Ratings Journal of Financial Economics 115 3 505 520 https://doi.org/10.1016/j.jfineco.2014.10.012 Search in Google Scholar

Ederington, L. H. (1986). Why Split Ratings Occur. Financial Management, 15(1), 37–47. https://doi.org/10.2307/3665276 EderingtonL. H. 1986 Why Split Ratings Occur Financial Management 15 1 37 47 https://doi.org/10.2307/3665276 Search in Google Scholar

Elkhoury, M. (2007). Credit Rating Agencies and Their Potential Impact on Developing Countries. UNCTAD Discussion Papers. https://ideas.repec.org//p/unc/dispap/186.html ElkhouryM. 2007 Credit Rating Agencies and Their Potential Impact on Developing Countries UNCTAD Discussion Papers https://ideas.repec.org//p/unc/dispap/186.html Search in Google Scholar

Feda, R. A. (2020). The Impact of Credit Ratings on Firms’ Capital Structure. International Journal of Economics and Financial Issues, 10(5), 92–101. https://doi.org/10.32479/ijefi.10436 FedaR. A. 2020 The Impact of Credit Ratings on Firms’ Capital Structure International Journal of Economics and Financial Issues 10 5 92 101 https://doi.org/10.32479/ijefi.10436 Search in Google Scholar

Gilloon, J. (2010). Split Credit Rating Attribution: Beyond Rating Scales and Credit Metrics. SSRN Scholarly Paper No. 2155866. https://papers.ssrn.com/abstract=2155866 GilloonJ. 2010 Split Credit Rating Attribution: Beyond Rating Scales and Credit Metrics SSRN Scholarly Paper No. 2155866 https://papers.ssrn.com/abstract=2155866 Search in Google Scholar

Gonzalez, F., Haas, F., Johannes, R., Persson, M., Toledo, L., Violi, R., Zins, C., & Wieland, M. (2004). Market Dynamics Associated with Credit Ratings: A Literature Review. Financial Stability Review, 4, 53–76. https://ideas.repec.org//a/bfr/fisrev/200441.html GonzalezF. HaasF. JohannesR. PerssonM. ToledoL. VioliR. ZinsC. WielandM. 2004 Market Dynamics Associated with Credit Ratings: A Literature Review Financial Stability Review 4 53 76 https://ideas.repec.org//a/bfr/fisrev/200441.html Search in Google Scholar

Grothe, M. (2013). Market Pricing of Credit Rating Signals. SSRN Scholarly Paper No. 2366361. https://doi.org/10.2139/ssrn.2366361 GrotheM. 2013 Market Pricing of Credit Rating Signals SSRN Scholarly Paper No. 2366361 https://doi.org/10.2139/ssrn.2366361 Search in Google Scholar

Hasan, I., Huang, H., & To, T. Y. (2021). Are Credit Rating Disagreements Priced in the M&A Market? Journal of International Financial Markets, Institutions and Money, 72, 101335. https://doi.org/10.1016/j.intfin.2021.101335 HasanI. HuangH. ToT. Y. 2021 Are Credit Rating Disagreements Priced in the M&A Market? Journal of International Financial Markets, Institutions and Money 72 101335 https://doi.org/10.1016/j.intfin.2021.101335 Search in Google Scholar

Hauck, A., & Neyer, U. (2014). Disagreement Between Rating Agencies and Bond Opacity: A Theoretical Perspective. Economics Letters, 123(1), 82–85. https://doi.org/10.1016/j.econlet.2014.01.027 HauckA. NeyerU. 2014 Disagreement Between Rating Agencies and Bond Opacity: A Theoretical Perspective Economics Letters 123 1 82 85 https://doi.org/10.1016/j.econlet.2014.01.027 Search in Google Scholar

Iannotta, G. (2006). Testing for Opaqueness in the European Banking Industry: Evidence from Bond Credit Ratings. Journal of Financial Services Research, 30(3), 287–309. https://doi.org/10.1007/s10693-006-0420-y IannottaG. 2006 Testing for Opaqueness in the European Banking Industry: Evidence from Bond Credit Ratings Journal of Financial Services Research 30 3 287 309 https://doi.org/10.1007/s10693-006-0420-y Search in Google Scholar

Ismail, A., Oh, S., & Arsyad, N. (2015). Split Ratings and Debt-Signaling in Bond Markets: A Note. Review of Financial Economics, 24(1), 36–41. https://doi.org/10.1016/j.rfe.2014.12.003 IsmailA. OhS. ArsyadN. 2015 Split Ratings and Debt-Signaling in Bond Markets: A Note Review of Financial Economics 24 1 36 41 https://doi.org/10.1016/j.rfe.2014.12.003 Search in Google Scholar

Jewell, J., & Livingston, M. (1998). Split Ratings, Bond Yields, and Underwriter Spreads. Journal of Financial Research, 21(2), 185–204. https://doi.org/10.1111/j.1475-6803.1998.tb00679.x JewellJ. LivingstonM. 1998 Split Ratings, Bond Yields, and Underwriter Spreads Journal of Financial Research 21 2 185 204 https://doi.org/10.1111/j.1475-6803.1998.tb00679.x Search in Google Scholar

Jiang, X., & Packer, F. (2017). Credit Ratings of Domestic and Global Agencies: What Drives the Differences in China and How Are They Priced? BIS Working Papers, 648. https://www.bis.org/publ/work648.htm JiangX. PackerF. 2017 Credit Ratings of Domestic and Global Agencies: What Drives the Differences in China and How Are They Priced? BIS Working Papers 648 https://www.bis.org/publ/work648.htm Search in Google Scholar

Jones, W., Lowry, G., & Bebensee, M. (2022). The Effect of the Yield Curve on a Bond’s Call Premium. The Coastal Business Journal, 9(1). https://digitalcommons.coastal.edu/cbj/vol9/iss1/1 JonesW. LowryG. BebenseeM. 2022 The Effect of the Yield Curve on a Bond’s Call Premium The Coastal Business Journal 9 1 https://digitalcommons.coastal.edu/cbj/vol9/iss1/1 Search in Google Scholar

Jung, Y. Y., & Park, R. S. (2018). The Effect of Information Asymmetry and CRA’s Reputation on Bond Yield Spread. Journal of Derivatives and Quantitative Studies, 26(2), 217–245. https://doi.org/10.1108/JDQS-02-2018-B0003 JungY. Y. ParkR. S. 2018 The Effect of Information Asymmetry and CRA’s Reputation on Bond Yield Spread Journal of Derivatives and Quantitative Studies 26 2 217 245 https://doi.org/10.1108/JDQS-02-2018-B0003 Search in Google Scholar

Kim, Y., & An, J. (2021). Voluntary Disclosure and Rating Disagreement Among Credit Rating Agencies: Evidence from Korea. Asia-Pacific Journal of Financial Studies, 50(3), 288–307. https://doi.org/10.1111/ajfs.12341 KimY. AnJ. 2021 Voluntary Disclosure and Rating Disagreement Among Credit Rating Agencies: Evidence from Korea Asia-Pacific Journal of Financial Studies 50 3 288 307 https://doi.org/10.1111/ajfs.12341 Search in Google Scholar

Kisgen, D. J. (2019). The Impact of Credit Ratings on Corporate Behavior: Evidence from Moody’s Adjustments. Journal of Corporate Finance, 58, 567–582. https://doi.org/10.1016/j.jcorpfin.2019.07.002 KisgenD. J. 2019 The Impact of Credit Ratings on Corporate Behavior: Evidence from Moody’s Adjustments Journal of Corporate Finance 58 567 582 https://doi.org/10.1016/j.jcorpfin.2019.07.002 Search in Google Scholar

Kladakis, G., Chen, L., & Bellos, S. K. (2020). Bank Asset and Informational Quality. Journal of International Financial Markets, Institutions and Money, 69, 101256. https://doi.org/10.1016/j.intfin.2020.101256 KladakisG. ChenL. BellosS. K. 2020 Bank Asset and Informational Quality Journal of International Financial Markets, Institutions and Money 69 101256 https://doi.org/10.1016/j.intfin.2020.101256 Search in Google Scholar

Livingston, M., Naranjo, A., & Zhou, L. (2007). Asset Opaqueness and Split Bond Ratings. Financial Management, 36(3), 49–62. https://doi.org/10.1111/j.1755-053X.2007.tb00080.x LivingstonM. NaranjoA. ZhouL. 2007 Asset Opaqueness and Split Bond Ratings Financial Management 36 3 49 62 https://doi.org/10.1111/j.1755-053X.2007.tb00080.x Search in Google Scholar

Livingston, M., Naranjo, A., & Zhou, L. (2008). Split Bond Ratings and Rating Migration. Journal of Banking & Finance, 32(8), 1613–1624. https://doi.org/10.1016/j.jbankfin.2007.11.019 LivingstonM. NaranjoA. ZhouL. 2008 Split Bond Ratings and Rating Migration Journal of Banking & Finance 32 8 1613 1624 https://doi.org/10.1016/j.jbankfin.2007.11.019 Search in Google Scholar

Livingston, M., Wei, J. (Diana), & Zhou, L. (2010). Moody’s and S&P Ratings: Are They Equivalent? Conservative Ratings and Split Rated Bond Yields. Journal of Money, Credit and Banking, 42(7), 1267–1293. https://doi.org/10.1111/j.1538-4616.2010.00341.x LivingstonM. WeiJ. (Diana) ZhouL. 2010 Moody’s and S&P Ratings: Are They Equivalent? Conservative Ratings and Split Rated Bond Yields Journal of Money, Credit and Banking 42 7 1267 1293 https://doi.org/10.1111/j.1538-4616.2010.00341.x Search in Google Scholar

Livingston, M., & Zhou, L. (2010). Split Bond Ratings and Information Opacity Premiums. Financial Management, 39(2), 515–532. https://doi.org/10.1111/j.1755-053X.2010.01082.x LivingstonM. ZhouL. 2010 Split Bond Ratings and Information Opacity Premiums Financial Management 39 2 515 532 https://doi.org/10.1111/j.1755-053X.2010.01082.x Search in Google Scholar

Livingston, M., & Zhou, L. (2016). Information Opacity and Fitch Bond Ratings. Journal of Financial Research, 39(4), 329–357. https://doi.org/10.1111/jfir.12110 LivingstonM. ZhouL. 2016 Information Opacity and Fitch Bond Ratings Journal of Financial Research 39 4 329 357 https://doi.org/10.1111/jfir.12110 Search in Google Scholar

Livingston, M., & Zhou, L. (2020). Credit Ratings and Rating Agencies. In M. Livingston & L. Zhou, Oxford Research Encyclopedia of Economics and Finance. Oxford University Press. https://doi.org/10.1093/acrefore/9780190625979.013.605 LivingstonM. ZhouL. 2020 Credit Ratings and Rating Agencies In LivingstonM. ZhouL. Oxford Research Encyclopedia of Economics and Finance Oxford University Press https://doi.org/10.1093/acrefore/9780190625979.013.605 Search in Google Scholar

Ludbrook, J. (2013). Should We Use One-Sided or Two-Sided P Values in Tests of Significance? Clinical and Experimental Pharmacology and Physiology, 40(6), 357–361. https://doi.org/10.1111/1440-1681.12086 LudbrookJ. 2013 Should We Use One-Sided or Two-Sided P Values in Tests of Significance? Clinical and Experimental Pharmacology and Physiology 40 6 357 361 https://doi.org/10.1111/1440-1681.12086 Search in Google Scholar

Mählmann, T. (2009). Multiple Credit Ratings, Cost of Debt, and Self-Selection. Journal of Business Finance & Accounting, 36(9–10), 1228–1251. https://doi.org/10.1111/j.1468-5957.2009.02168.x MählmannT. 2009 Multiple Credit Ratings, Cost of Debt, and Self-Selection Journal of Business Finance & Accounting 36 9–10 1228 1251 https://doi.org/10.1111/j.1468-5957.2009.02168.x Search in Google Scholar

Marandola, G. (2021). Local Credit Rating Agencies: Is Their Economic Role Underrated? The Quarterly Review of Economics and Finance, 81, 143–156. https://doi.org/10.1016/j.qref.2021.06.003 MarandolaG. 2021 Local Credit Rating Agencies: Is Their Economic Role Underrated? The Quarterly Review of Economics and Finance 81 143 156 https://doi.org/10.1016/j.qref.2021.06.003 Search in Google Scholar

May, A. D. (2010). The Impact of Bond Rating Changes on Corporate Bond Prices: New Evidence from the Over-the-Counter Market. Journal of Banking & Finance, 34(11), 2822–2836. https://doi.org/10.1016/j.jbankfin.2010.06.006 MayA. D. 2010 The Impact of Bond Rating Changes on Corporate Bond Prices: New Evidence from the Over-the-Counter Market Journal of Banking & Finance 34 11 2822 2836 https://doi.org/10.1016/j.jbankfin.2010.06.006 Search in Google Scholar

Michael, T. S. (2009). An Empirical Investigation of New Bond Issue Yield Spreads, Default Risk, and Split Ratings. International Journal of Banking and Finance, 6(1), 141–160. https://e-journal.uum.edu.my/index.php/ijbf/article/view/8386 MichaelT. S. 2009 An Empirical Investigation of New Bond Issue Yield Spreads, Default Risk, and Split Ratings International Journal of Banking and Finance 6 1 141 160 https://e-journal.uum.edu.my/index.php/ijbf/article/view/8386 Search in Google Scholar

Miglionico, A. (2019). The Governance of Credit Rating Agencies: Regulatory Regimes and Liability Issues. Edward Elgar Publishing. MiglionicoA. 2019 The Governance of Credit Rating Agencies: Regulatory Regimes and Liability Issues Edward Elgar Publishing Search in Google Scholar

Mokoaleli-Mokoteli, T. (2019). The Corporate Credit Rating Changes and Firm Returns in a Transitional Economy: The Case of South Africa. South African Journal of Business Management, 50(1). https://doi.org/10.4102/sajbm.v50i1.460 Mokoaleli-MokoteliT. 2019 The Corporate Credit Rating Changes and Firm Returns in a Transitional Economy: The Case of South Africa South African Journal of Business Management 50 1 https://doi.org/10.4102/sajbm.v50i1.460 Search in Google Scholar

Moreira, F., & Zhao, S. (2018). Do Credit Ratings Affect Spread and Return? A Study of Structured Finance Products. International Journal of Finance & Economics, 23(2), 205–217. https://doi.org/10.1002/ijfe.1612 MoreiraF. ZhaoS. 2018 Do Credit Ratings Affect Spread and Return? A Study of Structured Finance Products International Journal of Finance & Economics 23 2 205 217 https://doi.org/10.1002/ijfe.1612 Search in Google Scholar

Morkoetter, S., Stebler, R., & Westerfeld, S. (2017). Competition in the Credit Rating Industry: Benefits for Investors and Issuers. Journal of Banking & Finance, 75, 235–257. https://doi.org/10.1016/j.jbankfin.2016.09.001 MorkoetterS. SteblerR. WesterfeldS. 2017 Competition in the Credit Rating Industry: Benefits for Investors and Issuers Journal of Banking & Finance 75 235 257 https://doi.org/10.1016/j.jbankfin.2016.09.001 Search in Google Scholar

Nor Aishah Ahad, Teh Sin Yin, Abdul Rahman Othman, & Che Rohani Yaacob. (2011). Sensitivity of Normality Tests to Non-Normal Data. Sains Malaysiana, 40(6), 637–641. http://www.ukm.my/jsm/ AhadNor Aishah TehSin Yin Abdul RahmanOthman CheRohani Yaacob 2011 Sensitivity of Normality Tests to Non-Normal Data Sains Malaysiana 40 6 637 641 http://www.ukm.my/jsm/ Search in Google Scholar

Park, H., & Yoo, Y. (2019). Differences Among Credit Rating Agencies and the Information Environment. The Journal of Asian Finance, Economics and Business, 6(2), 25–32. https://doi.org/10.13106/JAFEB.2019.VOL6.NO2.25 ParkH. YooY. 2019 Differences Among Credit Rating Agencies and the Information Environment The Journal of Asian Finance, Economics and Business 6 2 25 32 https://doi.org/10.13106/JAFEB.2019.VOL6.NO2.25 Search in Google Scholar

Perry, L. G., Liu, P., & Evans, D. A. (1988). Modified Bond Ratings: Further Evidence on the Effect of Split Ratings on Corporate Bond Yields. Journal of Business Finance & Accounting, 15(2), 231–241. https://doi.org/10.1111/j.1468-5957.1988.tb00132.x PerryL. G. LiuP. EvansD. A. 1988 Modified Bond Ratings: Further Evidence on the Effect of Split Ratings on Corporate Bond Yields Journal of Business Finance & Accounting 15 2 231 241 https://doi.org/10.1111/j.1468-5957.1988.tb00132.x Search in Google Scholar

Reiter, S. A., & Ziebart, D. A. (1991). Bond Yields, Ratings, and Financial Information: Evidence from Public Utility Issues. Financial Review, 26(1), 45–73. https://doi.org/10.1111/j.1540-6288.1991.tb00369.x ReiterS. A. ZiebartD. A. 1991 Bond Yields, Ratings, and Financial Information: Evidence from Public Utility Issues Financial Review 26 1 45 73 https://doi.org/10.1111/j.1540-6288.1991.tb00369.x Search in Google Scholar

Rowe, S. (2020). Split Credit Ratings of Banks in Times of Crisis. International Journal of Banking, Accounting and Finance, 11(2), 254–280. https://ideas.repec.org//a/ids/injbaf/v11y2020i2p254-280.html RoweS. 2020 Split Credit Ratings of Banks in Times of Crisis International Journal of Banking, Accounting and Finance 11 2 254 280 https://ideas.repec.org//a/ids/injbaf/v11y2020i2p254-280.html Search in Google Scholar

Ryan, J. (2012, January). The Negative Impact of Credit Rating Agencies and Proposals for Better Regulation. Monograph. http://www.swp-berlin.org RyanJ. 2012 January The Negative Impact of Credit Rating Agencies and Proposals for Better Regulation Monograph http://www.swp-berlin.org Search in Google Scholar

Sangiorgi, F., & Spatt, C. (2017). Opacity, Credit Rating Shopping, and Bias. Management Science, 63(12), 4016–4036. https://doi.org/10.1287/mnsc.2016.2558 SangiorgiF. SpattC. 2017 Opacity, Credit Rating Shopping, and Bias Management Science 63 12 4016 4036 https://doi.org/10.1287/mnsc.2016.2558 Search in Google Scholar

Sheng, Y. (2008). Testing the Assumptions of Analysis of Variance. In J. Osborne, Best Practices in Quantitative Methods (pp. 324–340). SAGE Publications, Inc. https://doi.org/10.4135/9781412995627.d27 ShengY. 2008 Testing the Assumptions of Analysis of Variance In OsborneJ. Best Practices in Quantitative Methods 324 340 SAGE Publications, Inc. https://doi.org/10.4135/9781412995627.d27 Search in Google Scholar

Shimizu, Y., Lee, J., & Takei, H. (2013). Analysis of Determinants of Split Ratings and Rating Conservativeness Between Japanese and US Credit Rating Agencies. International Journal of Accounting and Financial Reporting, 3(1), 182. https://doi.org/10.5296/ijafr.v3i1.3507 ShimizuY. LeeJ. TakeiH. 2013 Analysis of Determinants of Split Ratings and Rating Conservativeness Between Japanese and US Credit Rating Agencies International Journal of Accounting and Financial Reporting 3 1 182 https://doi.org/10.5296/ijafr.v3i1.3507 Search in Google Scholar

Soiferman, L. K. (2010). Compare and Contrast Inductive and Deductive Research Approaches. ERIC. https://eric.ed.gov/?id=ED542066 SoifermanL. K. 2010 Compare and Contrast Inductive and Deductive Research Approaches ERIC https://eric.ed.gov/?id=ED542066 Search in Google Scholar

Tanaka, T. (2024). Split Bond Ratings: Evidence from Japanese Credit Rating Agencies. Research in International Business and Finance, 71, 102468. https://doi.org/10.1016/j.ribaf.2024.102468 TanakaT. 2024 Split Bond Ratings: Evidence from Japanese Credit Rating Agencies Research in International Business and Finance 71 102468 https://doi.org/10.1016/j.ribaf.2024.102468 Search in Google Scholar

Tewari, M. (2018). Event Risk Covenants, Design Parameters, and Agency Issues: A Comparative Study of High Yield Versus Investment Grade Bonds. Business: Theory and Practice, 19, 331–341. https://doi.org/10.3846/btp.2018.33 TewariM. 2018 Event Risk Covenants, Design Parameters, and Agency Issues: A Comparative Study of High Yield Versus Investment Grade Bonds Business: Theory and Practice 19 331 341 https://doi.org/10.3846/btp.2018.33 Search in Google Scholar

Vu, H., Alsakka, R., & ap Gwilym, O. (2017). What Drives Differences of Opinion in Sovereign Ratings? The Roles of Information Disclosure and Political Risk. International Journal of Finance & Economics, 22(3), 216–233. https://doi.org/10.1002/ijfe.1579 VuH. AlsakkaR. ap GwilymO. 2017 What Drives Differences of Opinion in Sovereign Ratings? The Roles of Information Disclosure and Political Risk International Journal of Finance & Economics 22 3 216 233 https://doi.org/10.1002/ijfe.1579 Search in Google Scholar

White, L. J. (2013). Credit Rating Agencies: An Overview. Annual Review of Financial Economics, 5(1), 93–122. https://doi.org/10.1146/annurev-financial-110112-120942 WhiteL. J. 2013 Credit Rating Agencies: An Overview Annual Review of Financial Economics 5 1 93 122 https://doi.org/10.1146/annurev-financial-110112-120942 Search in Google Scholar

White, L. J. (2018). The Credit Rating Agencies and Their Role in the Financial System. SSRN Scholarly Paper No. 3192475. https://papers.ssrn.com/abstract=3192475 WhiteL. J. 2018 The Credit Rating Agencies and Their Role in the Financial System SSRN Scholarly Paper No. 3192475 https://papers.ssrn.com/abstract=3192475 Search in Google Scholar

Woiceshyn, J., & Daellenbach, U. (2018). Evaluating Inductive vs Deductive Research in Management Studies: Implications for Authors, Editors, and Reviewers. Qualitative Research in Organizations and Management: An International Journal, 13(2), 183–195. https://doi.org/10.1108/QROM-06-2017-1538 WoiceshynJ. DaellenbachU. 2018 Evaluating Inductive vs Deductive Research in Management Studies: Implications for Authors, Editors, and Reviewers Qualitative Research in Organizations and Management: An International Journal 13 2 183 195 https://doi.org/10.1108/QROM-06-2017-1538 Search in Google Scholar