Matches in SemOpenAlex for { <https://semopenalex.org/work/W2893989707> ?p ?o ?g. }
- W2893989707 abstract "While academics have extensively studied quantitative models of credit risk, far less is known about credit analysts’ behind-the-scenes adjustments to the ratings generated by their models. Using both dictionary-based and topic modeling approaches, we examine whether and how credit analysts use borrowers’ qualitative disclosures to extract information pertaining to credit risk in making their assessments. We decompose publicly-available ratings into qualitative factors (soft adjustments) and quantitative factors (hard adjustments) and find that credit analysts’ soft adjustments, but not the hard adjustments, reflect information in borrowers’ qualitative disclosures. Our results further indicate that the association between firms’ qualitative disclosures and soft adjustments increases with the intensity of the rating agency’s reliance on public disclosure. We also examine whether analysts’ use of credit risk-relevant information from borrowers’ qualitative disclosures render ratings more credible and thus informative. We find that the credit rating downgrades of borrowers that provide more qualitative disclosures are more informative than those that do not; however, the increase in informativeness diminishes after the Dodd-Frank Act, when the legal liability for credit rating agencies increased." @default.
- W2893989707 created "2018-10-05" @default.
- W2893989707 creator A5015259010 @default.
- W2893989707 creator A5087034075 @default.
- W2893989707 creator A5089013329 @default.
- W2893989707 date "2017-01-01" @default.
- W2893989707 modified "2023-09-27" @default.
- W2893989707 title "Qualitative Corporate Disclosure and Credit Analysts' Soft Rating Adjustments" @default.
- W2893989707 cites W188326880 @default.
- W2893989707 cites W1966586504 @default.
- W2893989707 cites W1972443234 @default.
- W2893989707 cites W1988012906 @default.
- W2893989707 cites W1991989092 @default.
- W2893989707 cites W1993981983 @default.
- W2893989707 cites W2012536657 @default.
- W2893989707 cites W2016031348 @default.
- W2893989707 cites W2039708283 @default.
- W2893989707 cites W2048438700 @default.
- W2893989707 cites W2066848285 @default.
- W2893989707 cites W2094863662 @default.
- W2893989707 cites W2109282075 @default.
- W2893989707 cites W2118641185 @default.
- W2893989707 cites W2162256707 @default.
- W2893989707 cites W2174706414 @default.
- W2893989707 cites W2313281002 @default.
- W2893989707 cites W2324188699 @default.
- W2893989707 cites W2324400225 @default.
- W2893989707 cites W2329680044 @default.
- W2893989707 cites W2334959554 @default.
- W2893989707 cites W2504770054 @default.
- W2893989707 cites W2556504831 @default.
- W2893989707 cites W2570426141 @default.
- W2893989707 cites W2963970686 @default.
- W2893989707 cites W3121156620 @default.
- W2893989707 cites W3121626945 @default.
- W2893989707 cites W3121827950 @default.
- W2893989707 cites W3121945504 @default.
- W2893989707 cites W3122045351 @default.
- W2893989707 cites W3122094160 @default.
- W2893989707 cites W3122309589 @default.
- W2893989707 cites W3122348226 @default.
- W2893989707 cites W3122378341 @default.
- W2893989707 cites W3122556742 @default.
- W2893989707 cites W3122563224 @default.
- W2893989707 cites W3122694256 @default.
- W2893989707 cites W3122898236 @default.
- W2893989707 cites W3123150828 @default.
- W2893989707 cites W3123151724 @default.
- W2893989707 cites W3123153597 @default.
- W2893989707 cites W3123160767 @default.
- W2893989707 cites W3123315994 @default.
- W2893989707 cites W3123604205 @default.
- W2893989707 cites W3123717347 @default.
- W2893989707 cites W3123840922 @default.
- W2893989707 cites W3123957796 @default.
- W2893989707 cites W3124123286 @default.
- W2893989707 cites W3124191372 @default.
- W2893989707 cites W3124280494 @default.
- W2893989707 cites W3124478390 @default.
- W2893989707 cites W3124591050 @default.
- W2893989707 cites W3124613598 @default.
- W2893989707 cites W3124814550 @default.
- W2893989707 cites W3125299499 @default.
- W2893989707 cites W3125615571 @default.
- W2893989707 cites W3125728782 @default.
- W2893989707 cites W3125883615 @default.
- W2893989707 cites W3126127371 @default.
- W2893989707 cites W4245045968 @default.
- W2893989707 cites W4249066134 @default.
- W2893989707 cites W4255901054 @default.
- W2893989707 doi "https://doi.org/10.2139/ssrn.2962491" @default.
- W2893989707 hasPublicationYear "2017" @default.
- W2893989707 type Work @default.
- W2893989707 sameAs 2893989707 @default.
- W2893989707 citedByCount "6" @default.
- W2893989707 countsByYear W28939897072016 @default.
- W2893989707 countsByYear W28939897072018 @default.
- W2893989707 countsByYear W28939897072019 @default.
- W2893989707 countsByYear W28939897072020 @default.
- W2893989707 countsByYear W28939897072021 @default.
- W2893989707 countsByYear W28939897072022 @default.
- W2893989707 crossrefType "journal-article" @default.
- W2893989707 hasAuthorship W2893989707A5015259010 @default.
- W2893989707 hasAuthorship W2893989707A5087034075 @default.
- W2893989707 hasAuthorship W2893989707A5089013329 @default.
- W2893989707 hasConcept C121955636 @default.
- W2893989707 hasConcept C144133560 @default.
- W2893989707 hasConcept C1453916 @default.
- W2893989707 hasConcept C162118730 @default.
- W2893989707 hasConcept C178350159 @default.
- W2893989707 hasConcept C205208723 @default.
- W2893989707 hasConcept C24308983 @default.
- W2893989707 hasConceptScore W2893989707C121955636 @default.
- W2893989707 hasConceptScore W2893989707C144133560 @default.
- W2893989707 hasConceptScore W2893989707C1453916 @default.
- W2893989707 hasConceptScore W2893989707C162118730 @default.
- W2893989707 hasConceptScore W2893989707C178350159 @default.
- W2893989707 hasConceptScore W2893989707C205208723 @default.
- W2893989707 hasConceptScore W2893989707C24308983 @default.
- W2893989707 hasLocation W28939897071 @default.