Does Credit Rating Effectively Signal the Investors?

論文翻譯標題: 信用評等及舞弊訴訟之關聯性研究
  • 王 文儒

學生論文: Master's Thesis

摘要

Our paper examines the relation between the adjustment of Standard & Poor’s (S&P’s) credit rating and the likelihood of a firm with securities fraud litigation We find that the downgrade of credit rating was less (more) likely to occur prior to the lawsuit before (after) the Credit Rating Agency Reform Act of 2006 (CRARA 2006) was implemented Besides a securities fraud litigated firm with prior downgraded credit rating experienced relatively lower negative market reactions than those without downgrades Our findings provide some evidence to answer the recent debate whether credit rating releases useful information (U S Department of Justice 2013; Crabtree and Maher 2005; Yi and Mullineaux 2006) and helps public investors to realize the predictability of S&P’s credit rating on a firm’s financial reporting risk Our results support that the CRARA 2006 has improved the quality and timeliness of credit rating agencies and the downgrade of credit rating in fact signals capital market participants increased litigation risk of a firm
獎項日期2014 七月 25
原文English
監督員Hua-Wei Huang (Supervisor)

引用此

Does Credit Rating Effectively Signal the Investors?
文儒, 王. (Author). 2014 七月 25

學生論文: Master's Thesis