... three different constructs of credit risk, namely the probability of default which is a forward-looking quantification, a book value-based infection ratio and independent opinion of credit ratings, to assess the relationship with human capital efficiency. Different macro and firm-specific control...

... to a better understanding of what influences the interval disclosure of major rating agencies observed in practice. For the model presented below, we consider a situation where the CRA estimates the credit risk of a particular issuer in terms of probability of default. The degree of accuracy or precision...