Purpose This paper aims to present the Difference-in-Differences (DiD) method in an
accessible language to a broad research audience from a variety of management-related …

Creditworthiness is acknowledged worldwide as focal point of debt processing. Credit Rate,
an output of credit-rating process, reflects such creditworthiness. We reviewed literature on …

This paper examines how the information quality of ratings from an issuer-paid rating
agency (Standard and Poor's) responds to the entry of an investor-paid rating agency, the …

We test whether credit rating analysts consider managerial ability as a credit risk factor and
find that higher‐ability managers obtain more favorable credit ratings. Controlling for past …

A common belief held among researchers and policy makers is that regulatory reliance has
inflated market demand for credit ratings, despite their decreasing informational value …

Credit analysts often leave rating agencies to work at firms they rate. We use benchmark
rating agencies as counterfactuals to measure rating inflation in a difference-in-differences …

Using data on 143 sovereigns provided by nine agencies based in six countries, we
estimate the determinants of sovereign ratings to test whether agencies assign higher …

Small firms are major contributors to most economies, often supported by government
policies. However, the credit scoring of small firms is complicated and costly, making it a …

Climate change is increasing the frequency of natural disasters, which could make
municipal bonds a riskier asset class. We study the effects of natural disasters on municipal …

We test whether ratings are comparable across asset classes. We examine default rates by
initial rating, accuracy ratios, migration metrics, instantaneous upgrade and downgrade …