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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
