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The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures

机译：声誉冲击对评级机构的公司披露的影响

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This paper explores the effect of a credit rating agency's (CRA) reputation on the voluntary disclosures of corporate bond issuers. Academics, practitioners, and regulators disagree on the informational role played by major CRAs and the usefulness of credit ratings in influencing investors' perception of the credit risk of bond issuers. Using management earnings forecasts as a measure of voluntary disclosure, I find that investors demand more (less) disclosure from corporate bond issuers when the ratings become less (more) credible. In addition, using content analytics, I find that bond issuers disclose more qualitative information during periods of low CRA reputation to aid investors in assessing credit risk. My findings are consistent with credit ratings providing incremental information to investors and reducing adverse selection in lending markets. Further, consistent with theoretical predictions, my findings suggest that managers rely on voluntary disclosure as a credible mechanism to reduce information asymmetry in bond markets.
机译：本文探讨了信用评级机构（CRA）的声誉对公司债券发行人的自愿披露的影响。学术界，从业者和监管者对主要的信用评估机构所发挥的信息作用以及信用评级在影响投资者对债券发行人信用风险的认识方面的作用不同。通过使用管理层收益预测作为自愿披露的一种手段，我发现，当评级变得越来越不可信时，投资者要求公司债券发行人更多（更少）披露信息。此外，通过使用内容分析，我发现债券发行人在CRA声誉较低的时期会披露更多定性信息，以帮助投资者评估信用风险。我的发现与信用评级是一致的，信用评级为投资者提供了更多信息，并减少了贷款市场的不利选择。此外，与理论预测一致，我的发现表明，经理人依靠自愿披露作为减少债券市场信息不对称的可靠机制。

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