Footnote:
In: Journal of Credit Risk 7 (2011), 95–119
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 1, 2009 erstellt
Description:
Using a sample of issuers rated by Moody’s and S&P, we find evidence that Moody’s rating change intensities are higher given a rating change by S&P. This seems to be tentative evidence that S&P assigns ratings in a timelier manner than Moody’s. Second, we find that the tendency towards rating convergence is stronger for Moody’s than for S&P. Our findings are important given the concerns regarding the agencies’ inherent incentives and their dominant market position