This paper investigates the divergence of environmental, social, and governance (ESG)
ratings based on data from six prominent ESG rating agencies: Kinder, Lydenberg, and …

We investigate the impact of founding family ownership structure on the agency cost of debt.
We find that founding family ownership is common in large, publicly traded firms and is …

Using essentially all Moody's bond ratings changes between 1970 and 1997, we find no
reliable abnormal returns following upgrades. However, we find negative abnormal returns …

In this article, we provide a novel rationale for credit ratings. The rationale that we propose is
that credit ratings serve as a coordinating mechanism in situations where multiple equilibria …

This study examines the behavior of spreads paid in firm underwritten seasoned common
stock offerings and straight bond offerings. Estimates indicate that up to 85% of the spread is …

Rating agencies have become more conservative in assigning corporate credit ratings over
the period 1985 to 2009; holding firm characteristics constant, average ratings have dropped …

The interest in the application of market discipline to regulate the financial industry has
boomed recently due to the proposed New Capital Accord. This paper reviews the potential …

Environment-related risks affect assets in various sectors of the global economy, as well as
social and governance aspects, giving birth to what is known as ESG investments …

Using a sample of municipal bond offerings, I find that “local” investment banks have
substantial comparative and absolute advantages over nonlocal counterparts-–locals …

Sustainable and responsible finance incorporates Environmental, Social, and Governance
(ESG) principles into business decisions and investment strategies. In recent years …