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- Publisher Website: 10.1007/s11142-019-09496-x
- Scopus: eid_2-s2.0-85068142873
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Article: Do Managers Withhold Bad News from Credit Rating Agencies?
Title | Do Managers Withhold Bad News from Credit Rating Agencies? |
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Authors | |
Keywords | Credit rating agencies Asymmetric disclosure Private information |
Issue Date | 2019 |
Publisher | Springer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653 |
Citation | Review of Accounting Studies, 2019, v. 24 n. 3, p. 972-1021 How to Cite? |
Abstract | Research documents that managers, on average, withhold bad news and emphasize good news in their public disclosures. We ask whether the same is true in their private communications with credit rating agencies. We study how rating agencies anticipate and react to public information events as a function of their access to rated firms’ private information. We show that, in terms of ratings downgrades, rating agencies exhibit relatively more anticipation and less reaction to negative (compared to positive) public information events when they have more access to private information. Our results are strongest when firms are most optimistic in their public disclosures and are not due to rating agencies focusing their efforts on downside risk. Overall, we find consistent evidence that rated firms provide less optimistic information to rating agencies in their private communications and that this information is reflected in credit ratings. |
Persistent Identifier | http://hdl.handle.net/10722/284771 |
ISSN | 2021 Impact Factor: 4.011 2020 SCImago Journal Rankings: 4.418 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Ahn, M | - |
dc.contributor.author | Bonsall IV, SB | - |
dc.contributor.author | Van Buskirk, A | - |
dc.date.accessioned | 2020-08-07T09:02:24Z | - |
dc.date.available | 2020-08-07T09:02:24Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | Review of Accounting Studies, 2019, v. 24 n. 3, p. 972-1021 | - |
dc.identifier.issn | 1380-6653 | - |
dc.identifier.uri | http://hdl.handle.net/10722/284771 | - |
dc.description.abstract | Research documents that managers, on average, withhold bad news and emphasize good news in their public disclosures. We ask whether the same is true in their private communications with credit rating agencies. We study how rating agencies anticipate and react to public information events as a function of their access to rated firms’ private information. We show that, in terms of ratings downgrades, rating agencies exhibit relatively more anticipation and less reaction to negative (compared to positive) public information events when they have more access to private information. Our results are strongest when firms are most optimistic in their public disclosures and are not due to rating agencies focusing their efforts on downside risk. Overall, we find consistent evidence that rated firms provide less optimistic information to rating agencies in their private communications and that this information is reflected in credit ratings. | - |
dc.language | eng | - |
dc.publisher | Springer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653 | - |
dc.relation.ispartof | Review of Accounting Studies | - |
dc.rights | This is a post-peer-review, pre-copyedit version of an article published in [insert journal title]. The final authenticated version is available online at: http://dx.doi.org/[insert DOI] | - |
dc.subject | Credit rating agencies | - |
dc.subject | Asymmetric disclosure | - |
dc.subject | Private information | - |
dc.title | Do Managers Withhold Bad News from Credit Rating Agencies? | - |
dc.type | Article | - |
dc.identifier.email | Ahn, M: mahn@HKUCC-COM.hku.hk | - |
dc.identifier.authority | Ahn, M=rp01918 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1007/s11142-019-09496-x | - |
dc.identifier.scopus | eid_2-s2.0-85068142873 | - |
dc.identifier.hkuros | 312344 | - |
dc.identifier.volume | 24 | - |
dc.identifier.issue | 3 | - |
dc.identifier.spage | 972 | - |
dc.identifier.epage | 1021 | - |
dc.identifier.isi | WOS:000483696600007 | - |
dc.publisher.place | United States | - |
dc.identifier.issnl | 1380-6653 | - |