Cremers, K.J.M.

rating fitch hy –ig boundary credit fitch rating issue &p ratings information fication boundary issuer effect sample change market certi rating shopping shopping credit ratings certi fication result investor table difference fitch ratings finance certi fication effect signi journal bond issues spread column paper asset dispersion regression agency default tiebreaker analyst downgrade evidence credit spread changes type ii investors regulation value uncertainty hypothesis prediction certi fication hypothesis production classi addition information production type i investors quality ficant selection ig classi fication internet appendix signi ficance capital category security r 2 n model ficient research measure level control example rating spectrum number fi rms trading signi ficantly accuracy ratios &p rating trade