Short-term competition and long-term convergence between domestic and global rating agencies: Evidence from China.
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ABSTRACT:
SUBMITTER: Tian W
PROVIDER: S-EPMC7241749 | biostudies-literature | 2020
REPOSITORIES: biostudies-literature
Publications
Short-term competition and long-term convergence between domestic and global rating agencies: Evidence from China.
Tian Wei W Zhou Xiangyun X Tian Yixiang Y Meng Wei W
PloS one 20200521 5
This article adds to the existing literature on global rating agencies (GRAs, i.e., the S&P, Moody's, and Fitch) and domestic rating agencies (DRAs). In our research, we introduce the reputation, rating cost and rating accuracy of rating agencies to improve the Hotelling model. According to the theoretical analysis and empirical tests, the results show that the open policy of the Chinese rating industry contributes to higher rating quality in the domestic bond market. This open policy leads to r ...[more]
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