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首页> 外文期刊>Journal of accounting, auditing & finance >Geographic Location of the Firm and Credit Rating Accuracy
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Geographic Location of the Firm and Credit Rating Accuracy

机译：公司的地理位置和信用评级的准确性

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摘要

We document in this study that lack of soft information as a result of longer distance between the firm and rating agency headquarters leads to higher errors in bond ratings, reflected by Type I and Type II errors for missed defaults and false warnings, respectively. Our results show that for each 100 km in terms of the distance between a firm's and the rating agency headquarters, the likelihood of missed defaults (Type I error) increases by 4.9% and false warnings (Type II error) increases by 2.1%. In addition, our analyses show that the downgrades are less timely for firms that are further away from the rating agency headquarters. The results also show that missed defaults are especially higher, and timeliness of downgrades is lower for firms with higher complexity, lower analyst following, and lower accessibility to the rating agency headquarters. Although analysts adjust their ratings lower when soft information is lacking as a result of longer distance, their adjustments do not fully compensate for the lack of soft information.
机译：我们在本研究中记录到，由于公司与评级机构总部之间的距离较远而导致缺乏软性信息，导致债券评级的错误率更高，分别由类型I和类型II的错失失误和虚假警告引起。我们的结果表明，就公司与评级机构总部之间的距离而言，每100公里，错过违约（第一类错误）的可能性增加4.9％，而错误警告（第二类错误）的可能性增加2.1％。此外，我们的分析表明，对于距离评级机构总部较远的公司，降级的及时性较差。结果还表明，对于那些具有较高复杂性，较低的分析师关注度以及对评级机构总部的可及性较低的公司，错过的违约率尤其高，降级的及时性也较低。尽管由于距离较远而缺少软信息时，分析师将其评级降低了一些，但他们的调整并不能完全弥补软信息的不足。

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