Effects of Credit Ratings on Corporate Bonds’ Performance-Evidence from China

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1、EffectsofCreditRatingsonCorporateBonds’Performance:EvidencefromChinabyHaoWangAdissertationsubmittedtotheFacultyofClaremontGraduateUniversityinpartialfulfillmentoftherequirementsforthedegreeofDoctorofPhilosophyinEconomics.ClaremontGraduateUniversity2015©CopyrightHaoWan

2、g,2015Allrightsreserved.UMINumber:3700385AllrightsreservedINFORMATIONTOALLUSERSThequalityofthisreproductionisdependentuponthequalityofthecopysubmitted.Intheunlikelyeventthattheauthordidnotsendacompletemanuscriptandtherearemissingpages,thesewillbenoted.Also,ifmaterialh

3、adtoberemoved,anotewillindicatethedeletion.UMI3700385PublishedbyProQuestLLC(2015).CopyrightintheDissertationheldbytheAuthor.MicroformEdition©ProQuestLLC.Allrightsreserved.ThisworkisprotectedagainstunauthorizedcopyingunderTitle17,UnitedStatesCodeProQuestLLC.789EastEise

4、nhowerParkwayP.O.Box1346AnnArbor,MI48106-1346APPROVALOFTHEREVIEWCOMMITTEEThisdissertationhasbeendulyread,reviewed,andcritiquedbytheCommitteelistedbelow,whichherebyapprovesthemanuscriptofHaoWangasfulfillingthescopeandqualityrequirementsformeritingthedegreeofDoctorofPhi

5、losophyinEconomics.ThomasD.Willett,ChairClaremontGraduateUniversityandClaremontMcKennaCollegeHortonProfessorofEconomicsClasWihlborg,MemberChapmanUniversityProfessorofEconomicsLevanEfremidze,MemberPepperdineUniversityAssistantProfessorofFinanceAbstractEffectsofCreditRa

6、tingsonCorporateBonds’Performance:EvidencefromChinabyHaoWangClaremontGraduateUniversity:2015ThesteadygrowthofChina’seconomydependsonthegoodoperationofthefinancialsystem,inwhichthecreditratingindustryshouldplayanimportantrole.Togetamorecomprehensiveunderstandingaboutth

7、eratingagencies’impactinthebondmarket,IdiscusstherecentdevelopmentofChina’screditratingindustryanduserecentdatatoinvestigatetheeffectsofcreditratingsofferedbyChina’sratingagenciesonthepriceperformanceofcorporatebonds.Ifirstexaminetheinformationalcontentofcreditratings

8、offeredbyChina’sratingagenciesandprovideevidencebyinvestigatingwhetherthefirm’sfinancialratiosandrelevantpubliclyavailablein