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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/79606

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/79606

Title:	The Information Value of Credit Rating Action Reports: A Textual Analysis
Authors:	陳宇紳 Sumit, Agarwal;Chen, Vincent Y.S.;Zhang, Weina
Contributors:	會計系
Keywords:	Credit Ratings;Credit Rating Agencies;Credit Rating Reports;Linguistic Tone
Date:	2015-09
Issue Date:	2015-12-08 17:31:52 (UTC+8)
Abstract:	We examine if Standard & Poor’s (S&P) credit rating action reports contain new default-related information beyond credit rating actions such as rating changes, Credit Watch and Outlook. We find that the net linguistic tone (negative minus positive tone) in the reports is significantly and negatively related to abnormal returns and predicts future rating changes. We discover that the provision of tone does not seem to be inflated by the conventional proxies of conflict of interest faced by S&P as higher conflict of interest is related to more negative net tone. Moreover, the tone can predict future rating changes even when conflict of interest is high. Overall, our study reveals novel evidence on the information value of credit rating action reports.
Relation:	Management Science,
Data Type:	article
DOI 連結:	http://dx.doi.org/10.2139/ssrn.2297138
DOI:	10.2139/ssrn.2297138
Appears in Collections:	[會計學系] 期刊論文

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