| dc.contributor.advisor | 張元晨 | zh_TW |
| dc.contributor.author (Authors) | 張原榮 | zh_TW |
| dc.contributor.author (Authors) | Justin Chang | en_US |
| dc.creator (作者) | 張原榮 | zh_TW |
| dc.creator (作者) | Justin Chang | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 14-Sep-2009 09:05:19 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 09:05:19 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 09:05:19 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0923570161 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31027 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 92357016 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | The three big credit rating agencies released their unsolicited ratings since 1996 and all of these unsolicited ratings are given to banks in Asia, especially in the emerging markets. This study aims to test whether there are differences between solicited and unsolicited bank ratings. We compare the financial profiles of solicited and unsolicited banks and investigate the factors that influence banks’ credit ratings. The empirical results show that unsolicited bank ratings are significantly lower than solicited ratings. It is seen that the financial variables of banks with solicited ratings are also better than those with unsolicited ratings. However, the profitability of banks with solicited ratings is significantly lower than those with unsolicited ratings. We see that listed and commercial banks tend to have lower credit ratings and it could be due to the fact that listed banks may face the volatility of their short-term stock prices, so their operating strategies are influenced by market noise, which leads to inferior performance. The reason why commercial banks tend to have lower credit ratings is that commercial banks face so fierce competition that their profitability is compressed. In the last section, we use an ordered probit model to examine the determinants of Fitch’s rating. We find that sovereign credit risk, solicited status, listed status, bank specialization, profitability and asset quality are the major factors influencing Fitch’s bank credit ratings. | zh_TW |
| dc.description.tableofcontents | ABSTRACT 4 LIST OF TABLES AND FIGURES 5 1. INTRODUCTION 6 2. THE CREDIT RATING AGENCIES 8 2.1 BACKGROUND KNOWLEDGE 8 2.2 THE FEWNESS OF CREDIT RATING AGENCIES 10 2.3 THE RATING PROCESS 11 3. LITERATURE REVIEW 12 3.1 LITERATURE ON BOND RATINGS 12 3.2 LITERATURE ON COMPARISON OF RATINGS AMONG DIFFERENT RATING AGENCIES 13 3.3 LITERATURE OF UNSOLICITED RATINGS 15 4.HYPOTHESES 18 5. DATA DESCRIPTION & RESEARCH METHODOLOGY 20 5.1 DATA AND RESEARCH PERIOD 20 5.2 DEFINITION OF VARIABLES 21 5.2.1 FITCH’S BANK INDIVIDUAL RATINGS (FIRS) 21 5.2.2 BANKS’ FINANCIAL VARIABLES 22 5.2.3 INDEPENDENCE INDICATOR 23 5.2.4 BANK SPECIALIZATION 24 5.3 METHODOLOGY 24 5.3.1 MANN-WHITNEY TEST 24 5.3.2 T-TEST 25 5.3.3 ORDERED PROBIT MODEL 26 6. EMPIRICAL RESULTS 28 6.1 DESCRIPTIVE STATISTICS 28 6.2 RESULTS OF MANN WHITNEY TEST AND T-TEST 33 6.3 RESULTS OF OTHER HYPOTHESES 35 6.3.1 TEST OF LISTED STATUS 35 6.3.2 TEST OF BANK INDEPENDENCE INDICATOR 36 6.3.3 TEST OF BANK SPECIALIZATION 37 6.4 ORDERED PROBIT MODEL RESULTS 38 7.CONCLUSIONS 39 7.1 SUMMARY AND CONCLUSIONS 39 7.2 SUGGESTIONS FOR FUTURE RESEARCH 40 REFERENCES 41 APPENDIX 44 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923570161 | en_US |
| dc.subject (關鍵詞) | 信用評等 | zh_TW |
| dc.subject (關鍵詞) | bank credit rating | en_US |
| dc.subject (關鍵詞) | unsolicited ratings | en_US |
| dc.subject (關鍵詞) | ordered probit | en_US |
| dc.title (題名) | Are There Differences Between Solicited and Unsolicited Bank Credit Ratings? | zh_TW |
| dc.type (資料類型) | thesis | en |
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