Asset Opaqueness and Split Bond Ratings
研究资产不透明性如何导致穆迪和标普对同一债券给出不同评级，发现资产不透明性越高的企业越容易出现评级分歧，且两者存在因果关系。
We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody s and S&P rating agencies. Our results suggest that there is a causal link between asset opaqueness and split ratings.