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- W2498671177 abstract "We examine the role of market prices in the credit ratings process. Prices can serve as an independent source of information as well as act as a disciplining device that limits conflicts of interest arising from the issuer-pay model. Consistent with the latter view we find that ceteris paribus, unlisted firms in India have higher (i.e., more favorable) ratings than listed firms. The ratings of the former are also less dispersed and are less sensitive to financial conditions as reflected in audited financial statements. Consistent with lax rating agency monitoring of unlisted firms, downgrades of listed firms in an industry predict subsequent downgrades of unlisted firms. Collectively, these findings suggest the that lack of market prices worsens conflicts of interest from the issuer-pay compensation model. Basel III capital adequacy norms allow banks to condition capital allocation on the borrower's credit ratings. Our study cautions against this practice for unlisted firms." @default.
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- W2498671177 date "2016-09-23" @default.
- W2498671177 modified "2023-09-24" @default.
- W2498671177 title "Do Market Prices Discipline Rating Agencies? Evidence from Ratings of Unlisted Indian Firms" @default.
- W2498671177 hasPublicationYear "2016" @default.
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