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005			20200226102016.0
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040			_aCO-BoUGC _cCO-BoUGC
100	1		_adeHaan, Ed _9177564
245	1	4	_aThe financial crisis and corporate credit ratings _cEd deHaan
300			_aPáginas 161 a la 189
520	3		_aCredit ratings on many financial instruments failed to accurately portray default risk before the global financial crisis. I find no decline in the performance of corporate credit ratings during or after the crisis, indicating that the failures of ratings on financial instruments were due to conditions unique to the rating agencies' financial instruments divisions. Rather, the preponderance of tests indicate that corporate credit rating performance improves after the crisis, consistent with the rating agencies positively responding to public criticism and regulatory pressures. At the same time, I find evidence of sophisticated market participants decreasing their reliance on corporate credit ratings after the crisis. Consistent with theoretical models of reputation cyclicality, a likely explanation is that the rating agencies suffer spillover reputation damage from their failed ratings on financial instruments. My study informs regulators, practitioners, and academics about the performance of corporate credit ratings during and after the crisis, and provides novel empirical evidence consistent with reputation concerns affecting credit rating usage decisions.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
650	2	4	_9176292 _aAgencias de calificación (Finanzas) _vPublicaciones seriadas
650	2	4	_aCrisis financiera _vPublicaciones seriadas _9177565
650	2	4	_aDeuda corporativa _vPublicaciones seriadas _9177566
773	0		_082265 _9377623 _aThe accounting review 2017 V.92 No.4 (Jul) _o0000002032283 _x0001-4826 (papel) _h29 páginas _nIncluye figuras, tablas, referencias bibliográficas y apéndices
942			_2ddc _cART