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• W2279159154 abstract "This paper examines how the quality of issuer-paid credit ratings affects the choice between “arm’s length” vs. intermediated (e.g., bank) debt. We argue that investors are more likely to question the quality of issuer-paid ratings when those ratings are more favorable than investor-paid ratings or market-based indicators of credit quality (e.g., credit default swap (CDS) spreads). Concerns about the quality of issuer-paid ratings, in turn, increase information asymmetries between issuers and investors, resulting in a higher cost of funding. Consistent with this argument, we find that bond spreads are inversely related to our measures of rating quality, with rating quality having the greatest impact on bonds where the incentives to inflate ratings are the greatest. We also find that firms with poor quality ratings substitute bank loans and private debt for public debt. Using a difference in differences analysis, we find that bank borrowing leads to a significant reduction in the bond premium of firms with poor quality ratings. Overall, our results suggest that poor quality issuer-paid credit ratings are associated with a “lemons discount” that debt issuers attempt to avoid by borrowing from better-informed private lenders." @default.
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• W2279159154 date "2015-01-01" @default.
• W2279159154 modified "2023-09-22" @default.
• W2279159154 title "Ratings Quality and Borrowing Choice" @default.
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• W2279159154 doi "https://doi.org/10.2139/ssrn.2661397" @default.
• W2279159154 hasPublicationYear "2015" @default.
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