Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors
调查了公开交易公司债券的发行人和机构投资者如何评估四大信用评级机构及其在资本市场中的作用，发现两者在评级需求、准确性及及时性评估上存在显著差异。
We examine how a sample of publicly traded corporate bond issuers and institutional investors assess the four major nationally recognized rating agencies and their role in capital markets. The results show that issuers and investors differ dramatically in their assessments about rating agencies. Specifically, the majority of institutional investors require only one rating when they buy rated corporate bonds, but most issuers obtain two or more ratings. Issuers and investors also differ in their assessments about whether ratings accurately reflect creditworthiness and timeliness. The results suggest that differences reflect the different roles that rating agencies provide in the market place.