评级机构费用:公共财政中的付费游戏?

IF 6.8 1区 经济学 Q1 BUSINESS, FINANCE Review of Financial Studies Pub Date : 2022-10-06 DOI:10.1093/rfs/hhac073
Jess Cornaggia, Kimberly J. Cornaggia, Ryan D. Israelsen
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引用次数: 2

摘要

我们研究了公共金融市场中信用评级水平与评级机构费用之间的关系,在该市场中,相对于公司债券和结构化金融市场,评级机构的费用较低,披露要求较高。控制发行层面信用分析复杂性的变化,我们发现有证据表明,评级机构的利益冲突扭曲了市政债券市场的信用评级。出乎意料的昂贵评级更有可能被降级,而廉价评级更有可能升级。信用评级和评级机构费用之间的关系是由失去AAA保险的发行人推动的。
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Rating Agency Fees: Pay to Play in Public Finance?
We examine the relationship between credit rating levels and rating agency fees in a public finance market in which rating agencies earn lower fees and face higher disclosure requirements relative to corporate bond and structured finance markets. Controlling for variation in the complexity of credit analysis at the issue level, we find evidence that rating agency conflicts of interest distort credit ratings in the municipal bond market. Unexpectedly expensive ratings are more likely downgraded, and inexpensive ratings are more likely upgraded. The relationship between credit ratings and rating agency fees is driven by issuers who lose access to AAA insurance.
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来源期刊
CiteScore
16.00
自引率
2.40%
发文量
83
期刊介绍: The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.
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