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dc.contributor.authorKraft, Korneliusen
dc.contributor.authorCzarnitzki, Dirken
dc.date.accessioned2009-02-16T14:47:47Z-
dc.date.available2009-02-16T14:47:47Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/24007-
dc.description.abstractCredit ratings are commonly used by lenders to assess the default risk,because every credit is connected with a possible loss. If theprobability of a default is above a certain threshold, a credit will notbe provided. The purpose of this paper is to test whether credit ratingscontribute valuable information on the creditworthiness of firms.Employing a large sample of Western German manufacturing firms,we investigate loan defaults. First, we estimate Probit models withpublicly available information. Subsequently, we additionally use acredit rating and show that it contributes significantly to the regressionfit. However, the publicly available information has an independenteffect aside of the ratings. Simple calculations demonstrate that theinterest rate has to increase significantly to compensate for a possibleloss in case of default, if a firm has a weak rating.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x04-07en
dc.subject.jelC25en
dc.subject.jelG33en
dc.subject.ddc330en
dc.subject.keywordCredit Ratingen
dc.subject.keywordInsolvencyen
dc.subject.keywordLoan Defaulten
dc.subject.keywordDiscrete Regression Modelsen
dc.subject.stwKreditwürdigkeiten
dc.subject.stwKreditrisikoen
dc.subject.stwInformationswerten
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleAre Credit Ratings Valuable Information?-
dc.typeWorking Paperen
dc.identifier.ppn378340506en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:1608en

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