报告题目：Reputation at Risk: How Bond Defaults Improve Credit Rating Quality?
报告人：高昊宇 博士（中国人民大学）
时间：2024年11月11日14:30
地点：管理学院A南306
报告内容摘要：This paper explores how intra-industry bond defaults function as market forces to improve credit rating quality. We identify a reputation concern channel through which default events reduce rating inflation by credit rating agencies (CRAs). Utilizing empirical evidence from China, particularly following the surge in credit market defaults since 2014, we demonstrate that this effect is particularly pronounced for ratings assigned to riskier issuers, by lower-quality CRAs, and in more concentrated markets. This reduction is not attributable to improvements in issuers' information environments, selection bias, or omitted variables. We further confirm that credit ratings become more informative for bond pricing and default prediction after default events. Our findings emphasize the role of default events as market-driven mechanisms that discipline CRAs, highlighting the critical influence of market signals in enhancing rating quality.
【高昊宇个人简介】
高昊宇，中国人民大学吴玉章特聘教授，博士生导师，财政金融学院货币金融系副主任，国家优秀青年科学基金项目获得者、第5届中国科协“青年人才托举工程”入选人。研究兴趣主要集中在银行与金融中介、金融风险管理、可持续金融与中国资本市场等方面。代表性学术成果发表在The Journal of Finance (JF)、The Review of Financial Studies (RFS)、Journal of Financial Economics (JFE)、Journal of Financial and Quantitative Analysis (JFQA)、《管理世界》、《金融研究》、《系统工程理论与实践》、《管理科学学报》、《世界经济》、《经济学季刊》等国内外金融管理领域权威刊物。他结题一项国家自然科学基金青年项目（后评估特优），主持一项国家自然科学基金面上项目。
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