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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


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/79606


    題名: The Information Value of Credit Rating Action Reports: A Textual Analysis
    作者: 陳宇紳
    Sumit, Agarwal;Chen, Vincent Y.S.;Zhang, Weina
    貢獻者: 會計系
    關鍵詞: Credit Ratings;Credit Rating Agencies;Credit Rating Reports;Linguistic Tone
    日期: 2015-09
    上傳時間: 2015-12-08 17:31:52 (UTC+8)
    摘要: 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.
    關聯: Management Science,
    資料類型: article
    DOI 連結: http://dx.doi.org/10.2139/ssrn.2297138
    DOI: 10.2139/ssrn.2297138
    顯示於類別:[會計學系] 期刊論文

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