悉尼代写：信用评级机构

悉尼代写：信用评级机构

信用评级机构所感知的信息价值被认为是一个不确定和有争议的问题。之前的几位研究人员，如Singleton和Pinches(1978)和Weinstein(1977)，都被看到在安全回报的背景下检查信用评级的行为，并且没有发现显著的回报。相反，在Wakeman(1981)、Urwitz和Kaplan(1979)的研究中发现，债券评级机构只有公开信息的可访问性，投资者的评级没有增加价值。然而，许多研究人员认为评级机构拥有在公共领域无法获得的信息，股票市场对这些信息的相关性做出了显著反应(Triandafil & Brezeanu, 2009)。

悉尼代写：信用评级机构

Yawitz和Ederington(1991)指出，信用评级机构以低成本提供此类信息。Danos等人(1984)得出结论，债券评级机构倾向于处理专家的判断，专门处理与组织财务状况相关的信息。一些市场参与者对评级方法、过程、做法和评级机构的程序缺乏透明度表示了一些关注。关于这一点，国际证监会组织的准则强调了在监管机构和市场参与者中提高透明度和提高能力，以判断一个机构是否已经被《代码的基础》(Thomaidis, 2006)令人满意地执行。本文的研究目的在于对文献中有关信用评级行为和金融市场影响的证据进行批判性分析。这篇文献综述的关键领域包括股票市场、债券市场和信用违约互换。

悉尼代写：信用评级机构

The informational value perceived by agency of credit rating has been identified as an inconclusive and controversial problem. Several previous researchers such as Singleton and Pinches (1978) and Weinstein (1977) were seen examining the actions of credit rating in context with security returns, and no significant returns had been found. On the contrary, it was suggested in the researches of Wakeman (1981), Urwitz and Kaplan (1979) that agencies of bond rating only had the accessibility for information of public, and it was found that there was no added value in the ratings of the investors. However, it has been argued by a number of researchers that the agencies of rating had information without its availability in the public domain and that the market of stock gave significant reaction to the information of their relevance (Triandafil & Brezeanu, 2009).

悉尼代写：信用评级机构
It was indicated by Yawitz and Ederington (1991) that the agencies of credit rating provide such information at low cost. It was concluded by Danos et al. (1984) that agencies of bond rating tend to process judgment of expert and specialize to process information in relation with the financial condition of the organization. Several concerns have been expressed by a number of market participants regarding the absence of transparency over ratings methodologies, processes, practices, and procedures of the agencies. With respect to this, the Code of IOSCO lays stress on the promotion of transparency and improvement of ability in regulators and participants of market for judging if an agency has been implemented satisfactorily by the fundamental of code (Thomaidis, 2006).The aim in this research literature lies in critically analysing the evidences from literature over the credit ratings actions financial market influence. The key areas for this literature review are inclusive of equity markets, bond markets, and credit default swaps.