Financial Reporting Quality and Uncertainty about Credit Risk among Ratings Agencies
研究发现财务报告质量越高，信用评级机构之间的分歧越小，即信用风险的不确定性越低，尤其在债务市场参与者获取私有信息有限时效果更显著。
ABSTRACT This study finds that better reporting quality is associated with less uncertainty about credit risk as captured by disagreement among the credit rating agencies. The results also show that reporting quality is more important in reducing uncertainty when debt market participants have less access to private information. To mitigate endogeneity concerns, I use the quasi-natural experiment induced by a change in accounting standards that improved reporting quality. Implementation of the standard led to less disagreement among the rating agencies. Overall, this study contributes to the literature on the impact of reporting quality on debt markets and intermediaries.