TY  - UNPD
A1  - Löffler, Gunter
T1  - Avoiding the rating bounce : why rating agencies are slow to react to new information
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 97
N2  - Rating agencies state that they take a rating action only when it is unlikely to be reversed shortly afterwards. Based on a formal representation of the rating process, I show that such a policy provides a good explanation for the empirical evidence: Rating changes occur relatively seldom, exhibit serial dependence, and lag changes in the issuers’ default risk. In terms of informational losses, avoiding rating reversals can be more harmful than monitoring credit quality only twice per year.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 97 
KW  - credit rating
KW  - rating agencies
KW  - conservatism
KW  - rating migration
KW  - Ratingagentur
KW  - Wertberichtigung Wertberichtigung
Y1  - 2002
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3686
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-18005
IS  - Version: June 2002
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -