Informational effects of regulation FD: evidence from rating agencies

被引：226

作者：

Jorion, P ^{[1
]}

Liu, Z ^{[1
]}

Shi, C ^{[1
]}

机构：

[1] Univ Calif Irvine, Grad Sch Management, Irvine, CA 92697 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2005年 / 76卷 / 02期

关键词：

regulation fair disclosure; regulation FD; credit rating agencies; market reaction; event study;

D O I：

10.1016/j.jfineco.2004.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Regulation Fair Disclosure, implemented on October 23, 2000, prohibits U.S. public companies from making selective, nonpublic disclosures to favored investment professionals. Regulation Fair Disclosure has a number of exclusions, however, including disclosure of nonpublic information to credit rating agencies. As a result, credit analysts at rating agencies have access to confidential information that is no longer made available to equity analysts, potentially increasing the information content of credit ratings. We examine the effect of credit rating changes on stock prices and find that the informational effect of downgrades and upgrades is much greater in the post-FD period. (c) 2004 Elsevier B.V. All rights reserved.

引用

页码：309 / 330

页数：22

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