Do rating announcements reduce information asymmetries? We investigate the effect of rating
disclosures on the volatility and liquidity of the US bond market. Although rating agencies' …

We examine the role of reputation when firms use dividends to signal their profitability. We
analyze a signaling model in which reputation plays no role in equilibrium. We then show that …

… The articles of Hubler and Raimbourg (1996) and Sironi (2003) are clear examples of this.
Hubler and Raimbourg examine the French bond market starting from the introduction of …

This paper analyzes the evolution of CDS spread and CDS volatility around European
sovereign rating announcements over the period 2008–13. We show that the effect of the …

… p 2 the probability that a rating event induces a negative change on the stock risk parameter,
p 3 the same probability for a positive reaction, and p … developed (Raimbourg Citation1990). …

Who feels the most pain when credit rating agencies announce a downgrading or negative
watch? Does it hurt more or less, depending on the issuers original rating, the currency of the …

… The pressure profile defined above (P in the channel equal to P out of the channel) is not …
of these two approaches, we develop in (Raimbourg and Kimura 2006) a model coupling flow …

… 17, rue de la Sorbonne 75005 Paris France Tel 00 33 1 40 46 27 62 E-mail: philippe.raimbourg@univ-paris1.fr …
The probability of the accuracy of the rating in period p may be written as: …

Revisiting the two-factor valuation of futures contracts, we propose a new pricing model for
financial futures and their derivatives. The linkage between the money market funding rate …

This paper uses unit root tests that allow for structural breaks in order to examine the impact
of ratings announcements on European bond credit spreads. In general, there are no …