Are investors fixated on credit ratings? Reinterpreting the municipal bond recalibration
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DOI: 10.1016/j.frl.2020.101449
Abstract: Abstract Cornaggia, Cornaggia and Israelsen (2017) construe positive investor reactions to Moody's 2010 recalibration as evidence that credit ratings matter. However, the purpose of recalibration was officially discussed by Moody's as early as 2002. Furthermore,… read more here.
Keywords: fixated credit; credit ratings; ratings reinterpreting; investors fixated ... See more keywords