scholarly journals Rating Regulatory Mechanism Effect Promotion under the Environmental Issuance Effects: Based on the Incentive Difference Hotelling Model

2021 ◽  
Vol 13 (10) ◽  
pp. 5368
Author(s):  
Hanyi Zhao ◽  
Yixiang Tian ◽  
Xiangyun Zhou ◽  
Luping Zhang ◽  
Wei Meng
Keyword(s):  
Direct Effect ◽  
Indirect Effect ◽  
Corporate Bond ◽  
Regulatory Regime ◽  
Environmental Benefit ◽  
Bond Ratings ◽  
Hotelling Model ◽  
Rating Agencies ◽  
Regulatory Effects ◽  
Major Factors

Issuance effects are regarded as one of the most important aspects referring to the regulatory guidelines of green corporate bond ratings. This paper developed a new incentive difference Hotelling model, considering four major factors, i.e., the direct effect of issuance, the indirect effect of issuance, the reputation of rating agencies and the regulatory penalties. In this model, how the direct effect and the indirect effect impact the dual rating mechanism and the integrated rating mechanism was discussed. Numerical experiments were conducted to explore the regulatory effects on the two defined mechanisms in different situations. The results demonstrate that under each mechanism, the direct and indirect effects of issuance indirectly improve the effectiveness and efficiency of regulation by increasing the environmental benefit information content in the rating information, and the indirect effect has a greater impact. Moreover, it provides specific recommendations for the design of a regulatory regime. JEL: G18, G2.

scholarly journals Can the dual-rating regulation improve the rating quality of Chinese corporate bonds?

PLoS ONE ◽  
2021 ◽  
Vol 16 (12) ◽  
pp. e0259759
Author(s):  
Xiangyun Zhou
Keyword(s):  
Corporate Bonds ◽  
Corporate Bond ◽  
Logit Models ◽  
Bond Ratings ◽  
Rating Agencies ◽  
Different Types ◽  
Empirical Tests ◽  
Regulatory Effects ◽  
Reputation Effect

We developed a dual-reputational rating shopping model to introduce public and institutional reputations. Investor’s and regulator’s penalty rates are described as public and institutional reputations, respectively. We achieved the available conditions of single-rating and dual-rating regulations to prevent rating inflation in this model. To examine the regulatory effects of different types of regulations on Chinese corporate bond ratings, we utilize panel ordered logit models. Theoretical analysis and empirical tests show that, when the reputation effect is low, the single-rating regulation is better at improving rating quality, and when the reputation effect is high, the dual-rating regulation induces rating agencies to provide more accurate ratings. Compared to the regulatory effects of the single-rating and the multi-rating regulations, the dual-rating regulation most effectively improves the rating quality of corporate bonds and prevents rating inflation.

scholarly journals Corporate Yields: Effect of Credit Ratings and Sovereign Yields

2020 ◽  
Vol 110 ◽  
pp. 499-503
Author(s):  
Julia Bevilaqua ◽  
Galina Hale ◽  
Eric Tallman
Keyword(s):  
Credit Ratings ◽  
Corporate Bonds ◽  
Public Information ◽  
Corporate Bond ◽  
Bond Yields ◽  
Upward Trend ◽  
Bond Ratings ◽  
Rating Agencies ◽  
Advanced Economies ◽  
Over Time

We empirically evaluate the importance of two sources of public information affecting pricing of global corporate bonds: bond ratings provided by rating agencies and sovereign yields of the issuer's country. We find that both in the cross section of firms and over time more variation in corporate bond yields is explained by sovereign yields than by corporate bond ratings. When sovereign yields are high, their importance in pricing corporate bonds declines. In these states, for advanced economies' borrowers, the importance of corporate ratings increases. There is a small upward trend in the importance of corporate ratings over time.

Management Tenure and the Quality of Corporate Bond Ratings

2020 ◽  
Author(s):  
Eliza X. Zhang ◽  
Jason D. Schloetzer
Keyword(s):  
Firm Value ◽  
Credit Rating ◽  
Corporate Bond ◽  
Bond Ratings ◽  
Rating Agencies ◽  
Rating Accuracy ◽  
Ceo Tenure ◽  
Bond Issues ◽  
Robust Evidence

We examine the implication of management for credit rating quality by focusing on the relation between management tenure and rating quality. Using a large sample of corporate bond issues in the U.S., we find robust evidence that firms with longer-tenured CEOs have lower rating quality, as reflected in lower rating accuracy, informativeness, and timeliness. Further analyses uncover two channels that underlie this relation. One channel is through learned confidence: as CEO tenure increases, rating agencies learn about how the CEO influences firm value, which leads agencies to reduce their caution and effort in management assessment. The other channel is through developed relationships: as CEO tenure increases, rating agencies develop relationships with the CEO, which leads agencies to reduce scrutiny of or cater to the CEO and her firm. Overall, we show that management tenure has important implications for the external oversight of rating agencies.

Faktor-Faktor yang Mempengaruhi Minat Beli Produk Makanan Olahan Halal pada Konsumen

2018 ◽  
Vol 8 (3) ◽  
pp. 250
Author(s):  
Saniatun Nurhasah ◽  
Jono M Munandar ◽  
Muhammad Syamsun
Keyword(s):  
Food Safety ◽  
Direct Effect ◽  
Indirect Effect ◽  
Purchase Intention ◽  
Brand Image ◽  
Perceived Value ◽  
Perceived Quality ◽  
Market Potential ◽  
Purchasing Intention ◽  
Positive Direct

<p><em>ABSTRACT</em></p><p><em>Indonesia is one of the largest Moslem population countries in the world. It leads to the increasing of halal product demand in Indonesia. The awareness to consume halal product becomes a large market potential for producers to produce their halal products. Nowadays, halal is not only purely about religion matter, but also about business and trade. The objective of this study is to investigate the factors affecting customers on purchasing halal buying interest on processed food. We use a purposive sampling method with 109 respondents who are customers of the supermarkets and minimarkets in Bogor City/District, Indonesia. While data analysis is done by SEM-PLS method, this study uses brand image, perceived quality, perceived value, halal certification, health reason, halal awareness, and halal marketing as the factors which are affecting the halal purchase intention of the customers. The result showed that health reason, halal awareness, and perceived value have a significant and positive direct effect on purchasing intention. Halal marketing also shows a significant and positive effect on purchasing intention. While halal marketing shows a negative and significant effect on purchasing intention. The food safety, halal certification, brand image, and perceived quality show the same effect which has no direct effect on purchasing intention. Furthermore, food safety has an indirect effect on purchasing intention through health reason. Halal certification has an indirect effect on minat beli through brand image variable. Meanwhile, brand image and perceived quality have an indirect effect through perceived value variable on purchasing intention.</em></p><p><em><br /></em></p><p>ABSTRAK</p><p>Indonesia adalah salah satu negara dengan populasi Muslim terbesar di dunia. Hal ini menyebabkan meningkatnya permintaan produk halal di Indonesia. Kesadaran untuk mengkonsumsi produk halal menjadi potensi pasar yang besar bagi produsen untuk memproduksi produk halal mereka. Saat ini, halal tidak hanya murni soal agama, tapi juga soal bisnis dan perdagangan. Tujuan dari penelitian ini adalah untuk mengetahui faktor-faktor yang mempengaruhi minat pelanggan dalam membeli pada makanan olahan halal. Kami menggunakan metode voluntery sampling dengan 109 responden yang merupakan pelanggan supermarket dan minimarket di Kota/Kabupaten Bogor, Indonesia. Sedangkan analisis data dilakukan dengan metode SEM-PLS. Penelitian ini menggunakan citra merek, persepsi kualitas, persepsi nilai, sertifikasi halal, kesehatan, kesadaran halal, dan Pemasaran halal sebagai faktor yang mempengaruhi niat pembelian halal pelanggan. Hasil penelitian menunjukkan bahwa kesadaran halal, alasan kesehatan, dan persepsi nilai berpengaruh positif dan signifikan terhadap niat beli. Pemasaran halal juga menunjukkan efek positif dan signifikan terhadap niat beli. Sedangkan pemasaran halal menunjukkan efek negatif dan signifikan terhadap niat beli. Keamanan pangan, sertifikasi halal, citra merek, dan kualitas yang dirasakan menunjukkan efek yang sama yang tidak berpengaruh langsung pada niat beli. Selanjutnya, keamanan pangan berpengaruh tidak langsung terhadap niat beli melalui alasan kesehatan. Sertifikasi halal memiliki efek tidak langsung terhadap niat beli melalui variabel citra merek. Sedangkan citra merek dan persepsi kualitasmemiliki pengaruh tidak langsung melalui persepsi nilai variable terhadap niat beli.</p>

Finding the “Democratic Advantage” in Sovereign Bond Ratings: The Importance of Strong Courts, Property Rights Protection, and the Rule of Law

2012 ◽  
Vol 66 (3) ◽  
pp. 515-535 ◽  
Author(s):  
Glen Biglaiser ◽  
Joseph L. Staats
Keyword(s):  
Property Rights ◽  
Rule Of Law ◽  
Credit Rating ◽  
Bond Ratings ◽  
The Rule Of Law ◽  
Rating Agencies ◽  
Sovereign Bond ◽  
Positive Effects ◽  
Property Rights Protection ◽  
Democratic Advantage

AbstractMuch scholarship in the political economy literature has investigated the influence of the democratic advantage on sovereign bond ratings by credit rating agencies (CRAs). Missing from earlier work, however, is inquiry into the effects on bond ratings of factors that lower political risk, such as adherence to the rule of law, the presence of a strong and independent judicial system, and protection of property rights. Using panel data for up to thirty-six developing countries from 1996 to 2006, we find that rule of law, strong and independent courts, and protection of property rights have significant positive effects on bond ratings. Policymakers wanting to obtain higher bond ratings and increased revenue from bond sales would do well to heed the message contained in these findings.

Moral Disengagement About Cyberbullying and Parental Monitoring: Effects on Traditional Bullying and Victimization via Cyberbullying Involvement

2016 ◽  
Vol 38 (3) ◽  
pp. 303-326 ◽  
Author(s):  
Diana J. Meter ◽  
Sheri Bauman
Keyword(s):  
Direct Effect ◽  
Indirect Effect ◽  
Indirect Effects ◽  
Parental Monitoring ◽  
Moral Disengagement ◽  
Traditional Bullying ◽  
Traditional Victimization ◽  
And Gender

The indirect effects of moral disengagement about cyberbullying and parental monitoring on traditional victimization and bullying via cyberbullying involvement were examined in a diverse sample of 800 youth in Grades 3 to 8. After controlling for grade and gender, moral disengagement about cyberbullying and parental monitoring had an indirect effect on traditional victimization and bullying through cyberbullying involvement. Moral disengagement about cyberbullying and parental monitoring had a direct effect on traditional bullying. Results suggest that moral disengagement about cyberbullying and parental monitoring affect cyberbullying involvement and additionally impact experiences beyond the cyber context.

scholarly journals Analysis of Determinants of Split Ratings and Rating Conservativeness between Japanese and US Credit Rating Agencies

2013 ◽  
Vol 3 (1) ◽  
pp. 182 ◽  
Author(s):  
Yoshiki Shimizu ◽  
Junghee Lee ◽  
Hideki Takei
Keyword(s):  
Credit Rating ◽  
Multivariate Regression Analysis ◽  
Credit Rating Agencies ◽  
Bond Ratings ◽  
Rating Agencies ◽  
Thomson Reuters ◽  
Asset Liquidity ◽  
The Us ◽  
Japanese Companies ◽  
Split Ratings

In the previous paper, we confirmed the existence of the split ratings between Japanese and US credit rating agencies (CRAs). Our study did not support early studies suggesting that the split ratings were merely random occurrences. Rather, our findings suggested that the split ratings occurring between Japanese and US CRAs were not random and frequently occurring. The Japanese CRA assigned less conservative ratings than the US CRAs. In this paper, we performed the multivariate regression analysis to find variables which would differentiate the degree of rating conservativeness. Our samples were 192 Japanese companies which were assigned their ratings by Japanese and US credit rating agencies. We used 10-year bond ratings of these companies from 2000 and 2009. Our data sources were Nikkei NEEDS-Financial Quest for Japanese ratings and financial information and Thomson Reuters Datastream for US ratings. All financial data of the 192 firms were collected from Nikkei NEEDS-Financial Quest. According to our findings, Japanese agency seems to put higher weight on ROA than US agencies while all agencies seem to use variables such as asset, liquidity, and leverage to assign ratings. We assume that this is the main variable that has differentiated the degree of rating conservativeness.

THE EFFECT OF EXOGENOUS HORMONES ON AGGRESSIVE AND DEFENSIVE BEHAVIOUR IN THE RING DOVE (STREPTOPELIA RISORIA)

1966 ◽  
Vol 36 (1) ◽  
pp. 35-51 ◽  
Author(s):  
D. M. VOWLES ◽  
D. HARWOOD
Keyword(s):  
Direct Effect ◽  
Indirect Effect ◽  
Aggressive Behaviour ◽  
Breeding Cycle ◽  
Defensive Behaviour ◽  
Hormonal Effects ◽  
Streptopelia Risoria ◽  
Ring Dove ◽  
Second Peak ◽  
Model Predator

SUMMARY The aggressive and defensive behaviour of the ring dove was studied in response to a model predator and to another member of the same species. During a single breeding cycle defensive behaviour increased rapidly just before laying, reached a second peak at the time of hatching, and declined as the squabs became independent. Cocks showed aggressive behaviour to other doves throughout the cycle, but this response reached a peak soon after laying, and declined at the time of hatching. The effects of seven daily injections of oestrogen, progesterone, progesterone plus oestrogen, testosterone, and prolactin were studied. In both sexes prolactin and progesterone (with and without oestrogen) increased defensive behaviour towards a predator; in hens these hormones also increased defensive behaviour towards other birds. In cocks, however, prolactin had no effect on the response to other doves; progesterone (with and without oestrogen) increased aggressiveness, and oestrogen increased nest-cooing. Single injections of the same hormones produced similar effects, with the exception that testosterone and oestrogen in hens caused a temporary (1–5 hr.) increase in defensive behaviour. The latency of most hormonal effects was 30 min. to 2 hr., although the injections were intramuscular. This suggests a direct effect on central nervous mechanisms. Progesterone had a latency of 12–18 hr., suggesting an indirect effect.

MULTIVARIATE ANALYSIS OF CORPORATE BOND RATINGS AND INDUSTRY CLASSIFICATIONS

1984 ◽  
Vol 7 (1) ◽  
pp. 27-36 ◽  
Author(s):  
Larry G. Perry ◽  
Glenn V. Henderson ◽  
Timothy P. Cronan
Keyword(s):  
Multivariate Analysis ◽  
Corporate Bond ◽  
Bond Ratings
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