Endnotes
1In addition, Fitch has clarified a few misconceptions surrounding agency-initiated ratings in its recent publication Unsolicited Ratings and Basel II (Fitch 2006).
2According to Fitch (2001: 1), “the use of the description ‘Shadow' denotes that the Individual ratings is largely based on public information, albeit supplemented with additional information obtained from the rated entity.”
3Available at http://online.thomsonreuters.com/datastream/.
4Faulkender and Petersen (2006) used a similar set of firm characteristics to model a firm's decision to access the bond market.
5Note that the Thomson Reuters Datastream does not have detailed reports for all sample firms with S&P LTRs. Also, there are missing data in Datastream, so the number of observations varies across financial variables.
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