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dc.contributor.advisorShevlin, Terrence Jen_US
dc.contributor.authorDehaan, Eden_US
dc.date.accessioned2013-07-25T17:48:50Z
dc.date.available2015-12-14T17:55:48Z
dc.date.issued2013-07-25
dc.date.submitted2013en_US
dc.identifier.otherDehaan_washington_0250E_11653.pdfen_US
dc.identifier.urihttp://hdl.handle.net/1773/23396
dc.descriptionThesis (Ph.D.)--University of Washington, 2013en_US
dc.description.abstractCredit ratings on certain structured finance products significantly underestimated default risk prior to the recent financial crisis. Rating agency executives acknowledge that these failures damaged the agencies' credibility with respect to credit ratings on structured finance products. I investigate whether the agencies' credibility with respect to corporate credit ratings also suffers as a result of the financial crisis, as well as how credibility damage affects the use of corporate ratings and accounting information in debt pricing. I find evidence consistent with credibility concerns motivating debt market participants to simultaneously decrease their reliance on corporate credit ratings and increase their reliance on accounting data in the post-crisis period. Additional tests are consistent with corporate ratings being viewed as optimistically biased as opposed to simply inaccurate. Most directly, my study provides insight as to the credibility effects of the financial crisis on the credit rating agencies. More broadly, my study provides new empirical evidence on the relation between credit rating credibility and usage, and also informs the literature about the substitutability between corporate credit ratings and accounting information in debt markets.en_US
dc.format.mimetypeapplication/pdfen_US
dc.language.isoen_USen_US
dc.rightsCopyright is held by the individual authors.en_US
dc.subjectCredibility; Credit Ratings; Debt Market Relevance; Financial Crisisen_US
dc.subject.otherAccountingen_US
dc.subject.otherbusiness administrationen_US
dc.titleThe Financial Crisis and Credibility of Corporate Credit Ratingsen_US
dc.typeThesisen_US
dc.embargo.termsDelay release for 2 years -- then make Open Accessen_US


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