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Differential properties in the ratings of certified versus non-certified bond-rating agencies [An article from: Journal of Accounting and Economics] | ![Differential properties in the ratings of certified versus non-certified bond-rating agencies [An article from: Journal of Accounting and Economics]](http://ecx.images-amazon.com/images/I/51MTNZS368L._SL160_.jpg)
 enlarge | Authors: W.h. Beaver, C. Shakespeare, M.t. Soliman
Publisher: Elsevier
Category: Book
Buy New: $10.95
Sales Rank: 5456650
Format: Html
Media: Digital
ASIN: B000PAU730
Publication Date: December 1, 2006
Availability: Available for download now
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Product Description
This digital document is a journal article from Journal of Accounting and Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
We examine whether the properties of bond ratings from certified agencies (designated by the Securities and Exchange Commission (SEC)) differ from those of non-certified bond-rating agencies. Bond ratings from non-certified agencies are used solely for investment advice. Certified ratings are used by a variety of constituents, many of whom write contracts incorporating these ratings. We find that the properties of the ratings from the two agency types differ in predictable ways. Our results show that the non-certified agency's ratings are consistent with their role of providing information to investors. The certified agency is generally more conservative, consistent with their significant role in contracting.
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