主 题：An International Study of the Accuracy, Timeliness, and Stability of Issuer Credit Rating
主讲人：西肯塔基大学Johnny Chan教授
主持人：西南财经大学金融学院张迎春教授
时 间：2014年6月19日（周四）上午09：30-11：00
地 点：柳林校区颐德楼H104
主办单位：金融学院、科研处
主讲人简介：
Johnny Chan is the Leon Page Chair of Finance and a University Distinguished Professor. He received his B.Soc.S degree in economics at Chinese University of Hong Kong (1984), M.A. in economics (1987), M.A. in finance (1989), and Ph.D. in finance (1990) at the University of Alabama. His teaching interests are investments and international finance. Research interests include derivative securities, mutual funds, fixed income, and measurement of intellectual contributions.
He has published more than 140 journal articles in leading finance and business journals such as Accounting and Business Research, Accounting and Finance, Accounting, Organizations and Society, Australian Accounting Review, Family Business Review, European Financial Management, Financial Management, Financial Review, International Business Review, Journal of Banking and Finance, Journal of Business Ethics, Journal of Business Research, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Financial Education, Journal of Financial Research, Journal of Futures Markets, Journal of International Business Studies, Journal of Portfolio Management, Journal of Real Estate Research, Real Estate Economics, Review of Quantitative Finance and Accounting, among others.
He held tenured faculty positions at the University of Dayton, the University of Wisconsin-Parkside, and Minnesota State University Moorhead before he joined WKU in 2003. He is also a Chartered Financial Analyst (CFA) charter holder and was a director of Midwest Finance Association (2004-2007). He won the College public service award in 2007, College research award in 2005, 2008, and 2010, the Vitale Award for Innovation, Initiative, and Leadership in 2008, and awarded a University Distinguished Professor in 2013. He is currently an associate editor of Chinese Economy and Journal of Financial Education, and on editorial board of several journals.
论文摘要：
We examine the three key performance dimensions of issuer credit ratings, that is, accuracy, timeliness, and stability using international data where the literature focuses on issue (bond) ratings using mainly U.S. data with respect to one performance dimension. Our findings will draw implications and policy suggestions for the future development of credit ratings. Our results show the following. (1) Different performance dimensions, while sharing similar determinants, are affected differently by these determinants (e.g., economic conditions, regulations, and a CRA’s practice). When regulators and rating users evaluate a CRA's performance, they need to bear in mind the multi-dimension performance perspectives. (2) Due to the complexity of the performance dimensions, there are tradeoffs in some of the performance measures. (3) A CRA’s practice of using rating outlook and watch to provide rating users with some early information about its credit rating movement helps its credit rating performance in some performance dimensions. Specifically, rating outlook and watch help a CRA to improve its Type I error and rating timeliness.
