光华讲坛暨现代会计学术沙龙（第八十九期）

主 题：Impact of the Dodd-Frank Act on Credit Ratings

主讲人：美国里海大学（Lehigh University）Leo Tang助理教授

主持人：西南财经大学会计学院李珮讲师

时 间：2016年12月27日（星期二）上午10:00-11:30

地 点：西南财经大学柳林校区通博楼教学区102教室

主 办：会计学院科研处

诚邀各位老师和同学参加！

论文简介：

We analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) on corporate bond ratings issued by credit rating agencies (CRAs). We find no evidence that Dodd-Frank disciplines CRAs to provide more accurate and informative credit ratings. Instead, following Dodd-Frank, CRAs issue lower ratings, give more false warnings, and issue downgrades that are less informative. These results are consistent with the reputation model of Morris (2001), and suggest that CRAs become more protective of their reputation following the passage of Dodd-Frank. Consistent with Morris (2001), we find that our results are stronger for industries with low Fitch market share, where Moody’s and Standard & Poor’s have stronger incentives to protect their reputation (Becker and Milbourn (2011)). Our results are not driven by business cycle effects or firm characteristics, and strengthen as the uncertainty regarding the passage of Dodd-Frank gets resolved. We conclude that increasing the legal and regulatory costs to CRAs might have an adverse effect on the quality of credit ratings

主讲人简介：

Leo Tang，美国里海大学（Lehigh University）助理教授，博士毕业于美国新泽西罗格斯大学（Rutgers University），硕士毕业于美国哥伦比亚大学（Columbia University）。近年在国际顶级期刊发表多篇论文，其中包括Journal of Financial Economics, Journal of Business Ethics,Journal of Accounting, Auditing and Finance。他主要的研究兴趣包括债券市场和信用评级，这与他之前在穆迪评级公司（Moody’s）和MBIA公司的工作经验有关。