Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/264479 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Scottish Journal of Political Economy [ISSN:] 1467-9485 [Volume:] 69 [Issue:] 2 [Publisher:] Wiley Periodicals, Inc. [Place:] Hoboken, USA [Year:] 2021 [Pages:] 186-224
Verlag: 
Wiley Periodicals, Inc., Hoboken, USA
Zusammenfassung: 
Two contradictory strands of the rating literature criticize that rating agencies merely follow the market on the one hand, and emphasizing that rating changes affect capital movements on the other hand. Both focus on explaining rating levels rather than the timing of rating announcements. Contrarily, we explicitly differentiate between a decision to assess a country and the actual rating decision. We show that this differentiation significantly improves the estimation of the rating function. The three major rating agencies treat economic fundamentals similarly, while differing in their response to other factors such as strategic considerations. This reconciles the conflicting literature.
Schlagwörter: 
decision timing
rating agencies
sovereign risk
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Dokumentart: 
Article
Dokumentversion: 
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