Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies
Autor(a) principal: | |
---|---|
Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/2822 |
Resumo: | Objective: analyze the asymmetries of information in the content of the synthetic reports issued by the Credit Rating Agencies (CRA) Standard & Poor's, Moody's, and Fitch on the Brazilian sovereign rating. Method: a content analysis was performed on the CRA synthetic reports to create variables and categories. Correspondence Analysis (CA) aimed these same category variables at a multidimensional space for comparative analysis. Originality/Relevance: the study shows how the asymmetry of information between lenders and borrowers of sovereign bonds can also be preceded by the CRAs when they make different assessments of the same financial product available to the market. The result shows that information asymmetry between creditors and borrowers does not end; it just changes the source of information. Results: the results showed that, although the content of the evaluations was harmful in the CRA, there are asymmetries in specific categories. Standard & Poor's, for example, was the agency that stood out the most in the analyses; this is because it differs from other CRAs and positions itself more freely between categories in different years. Theoretical/Methodological contributions: the study integratesqualitative and quantitative methods to expand research on CRA information asymmetry. The study also analyzes synthetic reports, the most accessible to decision-makers in the market, showing that the analysis of complex reports and robust data is not exclusive to analyzing asymmetric information. In addition, it explores results on information asymmetry and the Brazilian sovereign, where fewapproaches and investigations have focused on the national academic scenario. |
id |
UNB-21_d7d3f4fe51e98695e29d0244658ca115 |
---|---|
oai_identifier_str |
oai:oai.jamg.cloud:article/2822 |
network_acronym_str |
UNB-21 |
network_name_str |
Contabilidade, Gestão e Governança |
repository_id_str |
|
spelling |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating AgenciesAssimetria de informações e o rating soberano brasileiro na avaliação das Agências de Classificação de RiscoCRAsAsymmetryInformationSovereign ratingACRAssimetriaBrasilInformaçõesRating soberanoObjective: analyze the asymmetries of information in the content of the synthetic reports issued by the Credit Rating Agencies (CRA) Standard & Poor's, Moody's, and Fitch on the Brazilian sovereign rating. Method: a content analysis was performed on the CRA synthetic reports to create variables and categories. Correspondence Analysis (CA) aimed these same category variables at a multidimensional space for comparative analysis. Originality/Relevance: the study shows how the asymmetry of information between lenders and borrowers of sovereign bonds can also be preceded by the CRAs when they make different assessments of the same financial product available to the market. The result shows that information asymmetry between creditors and borrowers does not end; it just changes the source of information. Results: the results showed that, although the content of the evaluations was harmful in the CRA, there are asymmetries in specific categories. Standard & Poor's, for example, was the agency that stood out the most in the analyses; this is because it differs from other CRAs and positions itself more freely between categories in different years. Theoretical/Methodological contributions: the study integratesqualitative and quantitative methods to expand research on CRA information asymmetry. The study also analyzes synthetic reports, the most accessible to decision-makers in the market, showing that the analysis of complex reports and robust data is not exclusive to analyzing asymmetric information. In addition, it explores results on information asymmetry and the Brazilian sovereign, where fewapproaches and investigations have focused on the national academic scenario. Objetivo: analisar as assimetrias de informações no conteúdo dos relatórios sintéticos emitidos pelas Agências de Classificação de Risco (ACR) Standard & Poor’s, Moody’s e Fitch sobre o ratingsoberano brasileiro. Método: realizou-se uma análise de conteúdo nos relatórios sintéticos das ACR com a finalidade de criar variáveis e categorias. Por meio da Análise de Correspondência (AC), objetivou-se essasmesmas variáveis de categorias em um espaço multidimensional para análise comparativa. Originalidade/Relevância: o estudo mostra como a assimetria de informações entre credores e mutuários de títulos soberanos também pode ser precedida pelas próprias ACR quando disponibilizam para o mercado diferentes avaliações sobre um mesmo produto financeiro. O resultado mostra que assimetria de informações entre credores e mutuários não finda, apenas muda a fonte de informação. Resultados: os resultados mostraram que, embora o teor das avaliações tenha sido negativo nas ACR, há assimetrias em categorias específicas. A Standard & Poor’s, por exemplo, foi a Agência que mais se destacou nas análises. Ela se difere das demais ACR e se posiciona mais livremente entre as categorias em anos distintos. Contribuições Teóricas/Metodológicas: contribui com a integração de métodos qualitativos e quantitativos para ampliação de pesquisas sobre assimetria de informações das ACR. O estudo também analisa relatórios sintéticos, isto é, os mais acessíveis aos tomadores de decisão no mercado, mostrando que não é exclusiva a análise de relatórios complexos e dados robustos para analisar informações assimétricas. Além disso, explora resultados sobre assimetria de informações e soberano brasileiro, onde poucas abordagens e investigações teve enfoque no cenário acadêmico nacional. Contabilidade Gestão e Governança2023-03-29info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/282210.51341/cgg.v25i3.2822Journal of Accounting, Management and Governance; Vol. 25 No. 3 (2022); 398-415Contabilidade Gestão e Governança; v. 25 n. 3 (2022); 398-4151984-392510.51341/cgg.v25i3reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBporenghttps://revistacgg.org/index.php/contabil/article/view/2822/773https://revistacgg.org/index.php/contabil/article/view/2822/774Copyright (c) 2022 Romário Rocha do Nascimento, Maurício Martins Costainfo:eu-repo/semantics/openAccessNascimento, Romário Rocha doCosta, Maurício Martins2023-07-18T14:58:52Zoai:oai.jamg.cloud:article/2822Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2023-07-18T14:58:52Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies Assimetria de informações e o rating soberano brasileiro na avaliação das Agências de Classificação de Risco |
title |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies |
spellingShingle |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies Nascimento, Romário Rocha do CRAs Asymmetry Information Sovereign rating ACR Assimetria Brasil Informações Rating soberano |
title_short |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies |
title_full |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies |
title_fullStr |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies |
title_full_unstemmed |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies |
title_sort |
Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies |
author |
Nascimento, Romário Rocha do |
author_facet |
Nascimento, Romário Rocha do Costa, Maurício Martins |
author_role |
author |
author2 |
Costa, Maurício Martins |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Nascimento, Romário Rocha do Costa, Maurício Martins |
dc.subject.por.fl_str_mv |
CRAs Asymmetry Information Sovereign rating ACR Assimetria Brasil Informações Rating soberano |
topic |
CRAs Asymmetry Information Sovereign rating ACR Assimetria Brasil Informações Rating soberano |
description |
Objective: analyze the asymmetries of information in the content of the synthetic reports issued by the Credit Rating Agencies (CRA) Standard & Poor's, Moody's, and Fitch on the Brazilian sovereign rating. Method: a content analysis was performed on the CRA synthetic reports to create variables and categories. Correspondence Analysis (CA) aimed these same category variables at a multidimensional space for comparative analysis. Originality/Relevance: the study shows how the asymmetry of information between lenders and borrowers of sovereign bonds can also be preceded by the CRAs when they make different assessments of the same financial product available to the market. The result shows that information asymmetry between creditors and borrowers does not end; it just changes the source of information. Results: the results showed that, although the content of the evaluations was harmful in the CRA, there are asymmetries in specific categories. Standard & Poor's, for example, was the agency that stood out the most in the analyses; this is because it differs from other CRAs and positions itself more freely between categories in different years. Theoretical/Methodological contributions: the study integratesqualitative and quantitative methods to expand research on CRA information asymmetry. The study also analyzes synthetic reports, the most accessible to decision-makers in the market, showing that the analysis of complex reports and robust data is not exclusive to analyzing asymmetric information. In addition, it explores results on information asymmetry and the Brazilian sovereign, where fewapproaches and investigations have focused on the national academic scenario. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-03-29 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2822 10.51341/cgg.v25i3.2822 |
url |
https://revistacgg.org/index.php/contabil/article/view/2822 |
identifier_str_mv |
10.51341/cgg.v25i3.2822 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2822/773 https://revistacgg.org/index.php/contabil/article/view/2822/774 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Romário Rocha do Nascimento, Maurício Martins Costa info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Romário Rocha do Nascimento, Maurício Martins Costa |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
dc.source.none.fl_str_mv |
Journal of Accounting, Management and Governance; Vol. 25 No. 3 (2022); 398-415 Contabilidade Gestão e Governança; v. 25 n. 3 (2022); 398-415 1984-3925 10.51341/cgg.v25i3 reponame:Contabilidade, Gestão e Governança instname:Universidade de Brasília (UnB) instacron:UNB |
instname_str |
Universidade de Brasília (UnB) |
instacron_str |
UNB |
institution |
UNB |
reponame_str |
Contabilidade, Gestão e Governança |
collection |
Contabilidade, Gestão e Governança |
repository.name.fl_str_mv |
Contabilidade, Gestão e Governança - Universidade de Brasília (UnB) |
repository.mail.fl_str_mv |
jamg.cgg@gmail.com |
_version_ |
1798315266202927104 |