Are credit ratings valuable information?

References

• Agarwal , R and Audretsch , DB . 2001 . Does entry-size matter? The impact of the life cycle and technology on firm survival . Journal of Industrial Economics , 49 : 21 – 43 .
   Web of Science ®Google Scholar
• Altman , EI . 1968 . Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy . Journal of Finance , 23 : 589 – 609 .
   Web of Science ®Google Scholar
• Altman , EI and Rijken , HA . 2004 . How rating agencies achieve rating stability . Journal of Banking and Finance , 28 : 2679 – 714 .
   Web of Science ®Google Scholar
• Ammer , J and Packer , F . 2000 . How consistent are credit ratings? A geopraphical and sectoral analysis of default risk, Board of Governors of the Federal Reserve System Washington, DC International Finance Discussion Paper 668
   Google Scholar
• Blume , ME , Lim , F and MacKinlay , AC . 1998 . The declining credit quality of US corporate debt: myth or reality? . Journal of Finance , 53 : 1389 – 413 .
   Web of Science ®Google Scholar
• Bongini , P , Laeven , L and Majnoni , G . 2002 . How good is the market at assessing bank fragibility? A horse race between different indicators . Journal of Banking and Finance , 26 : 1011 – 28 .
   Web of Science ®Google Scholar
• Brüderl , J and Schüssler , R . 1990 . Organizational mortality: the liabilities of newness and adolescence . Administrative Science Quarterly , 35 : 530 – 47 .
   Web of Science ®Google Scholar
• Dichev , ID . 1998 . Is the risk of bankruptcy a systematic risk? . Journal of Finance , 53 : 1131 – 47 .
   Web of Science ®Google Scholar
• English , WB and Nelson , WR . 1998 . Bank risk rating of business loans, Board of Governors of the Federal Reserve System Washington, DC Finance and Economics Discussion Paper Series, 98/51
   Google Scholar
• Ewert , R and Szsczesny , A . 2001 . Countdown for the New Basle Capital Accord, are German banks ready for the internal ratings-based approach? , Frankfurt am Main : Center for Financial Studies . Discusion Paper No. 2001/05
   Google Scholar
• Galil , K . 2003 . The quality of corporate credit rating: an empirical investigation , Eitan Berglas School of Economics, Tel-Aviv University . Working Paper
   Google Scholar
• Greene , WH . 2000 . Econometric Analysis , 4th edn , Prentice Hall, Upper Saddle River .
   Google Scholar
• Harhoff , D , Stahl , K and Woywode , M . 1998 . Legal form, growth and exit of West German firms–empirical results for manufacturing, construction, trade and service industries . Journal of Industrial Economics , XLVI : 453 – 88 .
   Web of Science ®Google Scholar
• Kaiser , M . 2001 . Moving in and out of financial distress: evidence for newly founded service sector firms , Mannheim : Centre for European Economic Research (ZEW) . Discussion Paper 01–09
   Google Scholar
• Krahnen , JP and Weber , M . 2001 . Generally accepted rating principles: a primer . Journal of Banking and Finance , 25 : 3 – 23 .
   Web of Science ®Google Scholar
• Löffler , G . 2004 . Ratings versus market-based measures of default risk in portfolio governance . Journal of Banking and Finance , 28 : 2715 – 46 .
   Web of Science ®Google Scholar
• Machauer , A and Weber , M . 1998 . Bank behaviour based on internal credit ratings of borrowers . Journal of Banking and Finance , 22 : 1355 – 83 .
   Web of Science ®Google Scholar
• Nickell , P , Perraudin , W and Varotto , S . 2000 . Stability of rating transition . Journal of Banking and Finance , 24 : 203 – 27 .
   Web of Science ®Google Scholar
• Secretariat of the Basle Committee on Banking Supervision . 2003 . The New Basle Capital Accord, bank for international settlements Basle
   Google Scholar
• Shumway , T . 2001 . Forecasting bankruptcy more accurately: a simple hazard model . Journal of Business , 74 : 101 – 24 .
   Web of Science ®Google Scholar
• Singh , JV , Tucker , DJ and House , RJ . 1986 . Organizational legitimacy and the liability of newness . Administrative Science Quarterly , 31 : 171 – 93 .
   Web of Science ®Google Scholar
• Veall , MR and Zimmermann , KF . 1996 . Pseudo-R 2 measures for some common limited dependent variable models . Journal of Economic Surveys , 10 : 241 – 59 .
   Google Scholar
• Zmijewski , ME . 1984 . Methodological issues related to the estimation of financial distress prediction models . Journal of Accounting Research , 22 : 59 – 82 .
   Web of Science ®Google Scholar