Why do potentially inflated credit ratings affect rational, well-informed creditors’ bond investment decisions? What are credit ratings’ effects on firms’ behavior? We resolve these questions by modeling a credit rating agency (CRA) as a certified expert who transmits information to creditors with coordination incentives and dispersed beliefs. In the unique equilibrium, high credit ratings are ...

This study aims to examine several factors that influence the bankruptcy of LPD in Buleleng Regency; question are legal protection, management competence, good corporate governance, active role citizens and internal supervisory bodies. Research approach with quantitative methods. used a questionnaire method 63 respondents, namely managers sub-districts Tejakula, Kubuaddan, Sawan, Buleleng, Suka...

The access and reproduction policies of the digital collections of 10 leading university digital libraries worldwide are classified according to factors such as the creation type of the material, acquisition method, copyright ownership etc. The relationship of these factors is analysed, showing how acquisition methods and copyright ownership affect the access and reproduction policies of digita...

We show that sovereign debt impairments can have a significant impact on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign rating downgrade. We identify these effects by exploiting exogenous variation on corporate ratings due to ...