Cross‐Listed Bonds, Information Asymmetry, and Conservatism in Credit Ratings
研究发现信息不对称是评级保守主义的一个额外解释，跨境上市债券比美国国内债券在发行时评级更保守，且后续升级频率更低、时间更长。
We propose information asymmetry as an additional explanation for rating conservatism. Because information asymmetry is likely higher for cross‐listed bonds than for U.S. bonds, we expect and find that cross‐listed bonds are rated more conservatively than U.S. domestic bonds at issuance. Further, cross‐listed bonds receive less frequent upgrades and take longer to be upgraded after issuance. Because lower ratings might also reflect higher default risk based on agencies’ private information, we conduct additional tests to discriminate between the rating conservatism and private information explanations. The results are consistent with ratings conservatism and inconsistent with the private information explanation.