Disagreement between rating agencies and bond opacity: A theoretical perspective

Achim Hauck () and Ulrike Neyer

Economics Letters, 2014, vol. 123, issue 1, 82-85

Abstract: In this paper, we explicitly model a bond rating process under varying degrees of bond opacity and derive conditions under which disagreements between rating agencies (rating splits) can serve as a useful proxy for opacity in empirical analyses.

Keywords: Opaque assets; Ratings; Rating agencies; Rating splits (search for similar items in EconPapers)
JEL-codes: G20 G24 G30 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:123:y:2014:i:1:p:82-85

DOI: 10.1016/j.econlet.2014.01.027

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