INFORMATION OPACITY AND FITCH BOND RATINGS
研究了惠誉评级对同时被穆迪和标普评级的工业与公用事业债券发行收益率的影响，发现惠誉评级使信息不透明债券的收益率溢价降低约30%（15个基点），表明其并非冗余，而是为投资者提供了额外信息。
Abstract We examine the marginal impact of Fitch ratings on the at‐issuance yields of industrial and utility bonds rated by Moody's and Standard & Poor's. We find that Fitch ratings reduce the yield premiums on information‐opaque bonds by about 30%, or 15 basis points. The finding is robust even when a Fitch rating exactly equals the two major ratings or their average. The findings suggest that Fitch ratings are not redundant but bring additional information to investors. Increased competition in the rating industry enhances the information efficiency of the bond market, and the existence of smaller rating agencies is economically justified.