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AN EXPANDED COMMERCIAL PAPER RATING SCALE: CLASSIFICATION OF INDUSTRIAL ISSUERS
Author(s) -
Peavy John W.,
Edgar S. Michael
Publication year - 1984
Publication title -
journal of business finance and accounting
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.282
H-Index - 77
eISSN - 1468-5957
pISSN - 0306-686X
DOI - 10.1111/j.1468-5957.1984.tb00758.x
Subject(s) - issuer , comparability , bond credit rating , bond , rating scale , actuarial science , key (lock) , credit rating , test (biology) , business , econometrics , computer science , economics , statistics , finance , mathematics , biology , paleontology , computer security , combinatorics , credit reference , credit risk
The finance literature contains many examples of attempts to classify bond issuers into rating categories and to identify the key variables which contribute to bond rating differences. This study extends the classification literature to include industrial commercial paper issuers. Standard and Poor's has expanded its A‐ 1 commercial paper category, and hypothesized division characteristics are proposed, followed by the classification test. The relative comparability of key variables in this study to those in bond studies is striking.