Disagreement between rating agencies and bond opacity: a theoretical perspective

Achim Hauck, Ulrike Neyer

    Research output: Contribution to journalArticlepeer-review

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    Abstract

    In this paper, we explicitly model a bond rating process under varying degrees of bond opacity and derive conditions under which disagreements between rating agencies (rating splits) can serve as a useful proxy for opacity in empirical analyses.
    Original languageEnglish
    Pages (from-to)82-85
    Number of pages3
    JournalEconomics Letters
    Volume123
    Issue number1
    DOIs
    Publication statusPublished - Apr 2014

    Keywords

    • Opaque assets
    • ratings
    • rating agencies
    • rating splits

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