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- W2591356142 abstract "The Dodd-Frank Act (DFA) increased the liability of credit rating agencies amid the failure by rating agencies to discover fraud (Enron) and underestimation of the true riskiness (MBS,CDO). However, the effect of increased liability on the informational value of ratings is not clear-cut. On the one hand, rating agencies might assign their ratings more carefully and disclosure more information to justify their decision. On the other hand, rating agencies might become more defensive and assign lower ratings and/or disclose less information in order to reduce the attack surface in potential law suits. This paper analyses the wording of rating reports - short justifications of rating actions - and finds that reports are more forward-looking after the DFA. However, reports on lower-rated issuer became more vague. Looking at abnormal returns around the publication date of the rating report, I verify that the market does put a premium on forward-looking and precise reports." @default.
- W2591356142 created "2017-03-03" @default.
- W2591356142 creator A5070789855 @default.
- W2591356142 date "2017-01-01" @default.
- W2591356142 modified "2023-09-27" @default.
- W2591356142 title "The Effect of Liability on Information Disclosure - Evidence from Credit Ratings" @default.
- W2591356142 doi "https://doi.org/10.2139/ssrn.2895644" @default.
- W2591356142 hasPublicationYear "2017" @default.
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