This paper analyses lead–lag relationships in sovereign ratings across five agencies, and
finds evidence of interdependence in rating actions. Upgrade (downgrade) probabilities are …

This study provides a comprehensive analysis of credit rating economics and draws
conclusions on the nature of regulation. It starts with an overview of the credit rating industry …

Credit ratings have only a limited role in Australian financial regulation, so the effects of
rating changes on financial prices can be observed largely free from regulatory effects. We …

This paper gives an extensive overview on the avenues academic research has taken in
exploring the role of credit ratings. In doing so, it relies on a strict methodological approach …

We analyse sovereign watch and outlook signals from Moody's, S&P and Fitch. Prior
literature shows strong market reactions to these signals, which arguably contain more new …

We investigate the lead-lag relationships between issuer-paid and investor-paid credit rating
agencies (CRAs), after the regulatory reforms in the US (2002–2006) also including …

Over the past decade there has been mixed evidence on the lead–lag relation between
issuer-paid and investor-paid credit rating agencies. We investigate the lead–lag …

We examine the relation between executive compensation and market‐implied default risk
for listed insurance firms from 1992 to 2007. Shareholders are expected to encourage …

This study examines the effects of Hofstede's long-term orientation (LTO) on rating changes
in financial institutions (FIs) in 50 countries. The impacts of LTO on rating downgrades are …

We use an event-study methodology to analyze the effect of sovereign debt rating changes
on daily stock market returns around the world. We find evidence that the stock market …