英文摘要 |
The paper examines the study period and industry effect of credit rating. We analyze different industry groups of the S&P 500 companies across a sample period of 15 years key financial variables are selected using logit regression and multiple discriminant analysis. We find that for either different sub-periods in the same industry or different industries during the same study period, determinants of credit rating can vary significantly. Result also show that industry-specific rating models perform better than that based on all firms in the market. Also of interest is the finding the key rating determinants do change with business cycles and with stages of industrial development, providing evidence that credit ratings are industry specific and are study period in natures. |