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1 mars 2021
- handle: 10670/1.8bbdzc
- hal: hal-02887246
- doi: 10.1016/j.frl.2020.101598
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.frl.2020.101598
info:eu-repo/semantics/OpenAccess
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Magnus Blomkvist et al., « Credit ratings and firm life-cycle », HAL-SHS : économie et finance, ID : 10.1016/j.frl.2020.101598
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Résumé
Credit ratings display an inverse U-shaped relation over the corporate life-cycle. Firms' likelihood to obtain a rating initially increases over the life-cycle as reputation increases and asymmetric information is reduced. As investment opportunities diminish during the shakeout and decline phases the benefit of having a rating decreases. The economic effect is substantial: transitioning from the introduction to the growth phase increases the rating likelihood from 6.7% to 30%.