Showing results 1 - 4 of 4
| Anywhere Sikochi
February 16, 2020, Paper: "We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we find that female executives are associated with higher creditor recovery rates. Our findings are robust to tests that correct for potential self-selection inherent in studies of executive gender. We find evidence suggesting that conservatism in financial reporting and risk taking…
| Suraj Srinivasan | Anywhere Sikochi
Going Local: The Effects of a Local Presence by Global Rating Agencies. Anywhere Sikochi, Suraj Srinivasan, February 6, 2020, Paper, "This paper examines whether and how corporate credit ratings change when global credit rating agencies establish a local presence in countries outside the United States. We show that a local presence is associated with higher credit ratings for local firms. Subsequent results reveal that the rating increase appears…
| George Serafeim | Anywhere Sikochi
November 2019, Paper, "Despite the rising use of environmental, social, and governance (ESG) ratings in financial markets, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine the extent to which a firm’s ESG disclosure and average ESG rating explain this disagreement. Contrary to conventional wisdom that greater disclosure helps reduce…
| Anywhere Sikochi
Issuer Default Risk and Rating Agency Conflicts. Anywhere Sikochi, April 2018, Paper, "This study examines whether rating agencies assign more stringent and accurate rating adjustments for issuers with higher default risk and whether this leads to adjustments that are more relevant to financial markets. We expect that rating agencies will make more informative subjective adjustments to limit their reputational risk for issuers with a higher…