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https://hdl.handle.net/10419/24007
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Kraft, Kornelius | en |
dc.contributor.author | Czarnitzki, Dirk | en |
dc.date.accessioned | 2009-02-16T14:47:47Z | - |
dc.date.available | 2009-02-16T14:47:47Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/24007 | - |
dc.description.abstract | Credit 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.iso | eng | en |
dc.publisher | |aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheim | en |
dc.relation.ispartofseries | |aZEW Discussion Papers |x04-07 | en |
dc.subject.jel | C25 | en |
dc.subject.jel | G33 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Credit Rating | en |
dc.subject.keyword | Insolvency | en |
dc.subject.keyword | Loan Default | en |
dc.subject.keyword | Discrete Regression Models | en |
dc.subject.stw | Kreditwürdigkeit | en |
dc.subject.stw | Kreditrisiko | en |
dc.subject.stw | Informationswert | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | Deutschland | en |
dc.title | Are Credit Ratings Valuable Information? | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 378340506 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:zewdip:1608 | en |
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