Bongaerts, D.G.J.

rating asset credit fitch liquidity return model effect market investor hy –ig boundary capital portfolio fitch rating issue value default equity spread investment result fication transaction costs journal &p ratings sample finance pricing information requirement table paper demand boundary issuer capital requirements signi measure transaction liquidity risk asset pricing model example change level basel agent ficient period certi capital requirement rating shopping shopping nontraded bid-ask estimate section evidence cds returns internet appendix credit ratings certi fication approach credit risk ficant exposure increase difference coef ficient fitch ratings finance r bid-ask spread certi fication effect regulation signi ficant price cds contracts bond issues university column analysis