Information Asymmetry and Firms' Credit Market Access: Evidence from Moody's Credit Rating Format Refinement

2006 ◽  
Author(s):  
Tony T. Tang
Keyword(s):  
Information Asymmetry ◽  
Credit Rating ◽  
Market Access ◽  
Credit Market ◽  
Rating Format

Information Asymmetry and REIT Capital Market Access

2018 ◽  
Vol 59 (1) ◽  
pp. 90-110 ◽  
Author(s):  
Elizabeth Devos ◽  
Erik Devos ◽  
Seow Eng Ong ◽  
Andrew C. Spieler
Keyword(s):  
Information Asymmetry ◽  
Capital Market ◽  
Market Access

scholarly journals Small and Vulnerable

2020 ◽  
Vol 20 (294) ◽  
Author(s):  
Sophia Chen ◽  
Do Lee
Keyword(s):  
Firm Size ◽  
Global Financial Crisis ◽  
Market Access ◽  
Balance Sheet ◽  
Credit Default Swap ◽  
Credit Market ◽  
Tfp Growth ◽  
Size Premium ◽  
The Global Financial Crisis ◽  
The Impact

We provide broad-based evidence of a firm size premium of total factor productivity (TFP) growth in Europe after the Global Financial Crisis. The TFP growth of smaller firms was more adversely affected and diverged from their larger counterparts after the crisis. The impact was progressively larger for medium, small, and micro firms relative to large firms. It was also disproportionally larger for firms with limited credit market access. Moreover, smaller firms were less likely to have access to safer banks: those that were better capitalized banks and with a presence in the credit default swap market. Horseraces suggest that firm size may be a more important and robust vulnerability indicator than balance sheet characteristics. Our results imply that the tightening of credit market conditions during the crisis, coupled with limited credit market access especially among micro, small, and medium firms, may have contributed to the large and persistent drop in aggregate TFP.

scholarly journals Credit market access in Uganda: evidence from household survey data 1999/2000

2013 ◽  
Vol 10 (3) ◽  
pp. 371-383 ◽  
Author(s):  
FN Okurut ◽  
GA Schoombee
Keyword(s):  
Survey Data ◽  
Market Access ◽  
Credit Market ◽  
Household Survey ◽  
Household Wealth ◽  
Household Data ◽  
Urban Rural ◽  
Regional Location ◽  
Household Survey Data ◽  
The Individual

This study investigated the individual and household characteristics that influenced credit market access in Uganda using household data for 1999/2000. The results suggest that credit market access was significantly influenced by gender, household wealth, age, regional location, and urban/rural location.

scholarly journals Network effects in credit market access: Evidence from Istanbul

2013 ◽  
Vol 28 (328) ◽  
Author(s):  
Didem TÜZEMEN ◽  
Fikret ADAMAN ◽  
Oya Pınar ARDIÇ
Keyword(s):  
Network Effects ◽  
Market Access ◽  
Credit Market

Part VII International Securities, Including Markets and Clearing Systems, 21 Credit Rating Agencies

2021 ◽  
Author(s):  
Eborall Charlotte
Keyword(s):  
Information Asymmetry ◽  
Credit Rating ◽  
Global Financial Crisis ◽  
Credit Ratings ◽  
The United States ◽  
Credit Rating Agencies ◽  
Rating Agencies ◽  
Market Participants ◽  
The Global Financial Crisis ◽  
Independent Assessment

This chapter concentrates on credit rating agencies (CRAs), which play a key role in financial markets. It explains how CRAs help reduce information asymmetry between investors and issuers by providing an independent assessment of the relative creditworthiness of countries or companies. It also describes how CRA's role has expanded significantly in recent decades with financial globalization, such as the introduction of references to credit ratings in regulations and the embedding by market participants of ratings in their operating procedures, investment decisions, and contracts. This chapter identifies the heavy reliance on CRAs as one of the main contributors to the global financial crisis in 2008. It also talks about the efficacy of CRAs' credit ratings after 2008, in which regulators in the United States (US) and Europe introduced new regulations intended to address the reliability of CRAs' predictions of probability of default.

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