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Are bank loan ratings relevant?

Yi, Ha-Chin.

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Are bank loan ratings relevant?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Are bank loan ratings relevant?/
Author:	Yi, Ha-Chin.
Description:	109 p.
Notes:	Source: Dissertation Abstracts International, Volume: 63-02, Section: A, page: 0655.
Contained By:	Dissertation Abstracts International63-02A.
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3042481
ISBN:	049356165X

Are bank loan ratings relevant?
Yi, Ha-Chin.

Are bank loan ratings relevant? - 109 p.

Source: Dissertation Abstracts International, Volume: 63-02, Section: A, page: 0655.

Thesis (Ph.D.)--University of Kentucky, 2002.

We analyze the relatively new phenomenon of ratings on syndicated loans by Moody's in several ways. We first hypothesize that credit ratings on new syndicated loans do not convey new information to the capital market. Our event study results show that while initial ratings and upgrades do not provide information to the market, downgrades do provide new information. The market anticipates loan rating revisions, however. We also examine whether a relatively small number of financial ratios can explain the cross-sectional variation in syndicated loan ratings, as they have been shown to do in the case of bond ratings. We find that loan ratings are somewhat predictable. Finally, we estimate a credit spread model incorporating bank loan credit ratings and other factors reflecting information asymmetry and agency problems. We find that ratings affect loan rates.

ISBN: 049356165XSubjects--Topical Terms:

1018458
Business Administration, Banking.

Are bank loan ratings relevant?
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100 1 $a Yi, Ha-Chin. $3 1941766
245 1 0 $a Are bank loan ratings relevant?
300 $a 109 p.
500 $a Source: Dissertation Abstracts International, Volume: 63-02, Section: A, page: 0655.
500 $a Director: Donald J. Mullineaux.
502 $a Thesis (Ph.D.)--University of Kentucky, 2002.
520 $a We analyze the relatively new phenomenon of ratings on syndicated loans by Moody's in several ways. We first hypothesize that credit ratings on new syndicated loans do not convey new information to the capital market. Our event study results show that while initial ratings and upgrades do not provide information to the market, downgrades do provide new information. The market anticipates loan rating revisions, however. We also examine whether a relatively small number of financial ratios can explain the cross-sectional variation in syndicated loan ratings, as they have been shown to do in the case of bond ratings. We find that loan ratings are somewhat predictable. Finally, we estimate a credit spread model incorporating bank loan credit ratings and other factors reflecting information asymmetry and agency problems. We find that ratings affect loan rates.
590 $a School code: 0102.
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0770
710 2 0 $a University of Kentucky. $3 1017485
773 0 $t Dissertation Abstracts International $g 63-02A.
790 1 0 $a Mullineaux, Donald J., $e advisor
790 $a 0102
791 $a Ph.D.
792 $a 2002
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3042481