Midlands State University Library

Discussion of The role of financial reporting in debt contracting and in stewardship by Lakshmanan Shivakumar (2013) (Record no. 166860)

MARC details
000 -LEADER
fixed length control field 03070nam a22002417a 4500
003 - CONTROL NUMBER IDENTIFIER
control field ZW-GwMSU
005 - DATE AND TIME OF LATEST TRANSACTION
control field 20240821095538.0
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
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022 ## - INTERNATIONAL STANDARD SERIAL NUMBER
International Standard Serial Number 00014788
040 ## - CATALOGING SOURCE
Original cataloging agency MSU
Language of cataloging English
Transcribing agency MSU
Description conventions rda
050 00 - LIBRARY OF CONGRESS CALL NUMBER
Classification number HD30.4 ACC
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Pitman, Trevor
Relator term author
245 10 - TITLE STATEMENT
Title Discussion of The role of financial reporting in debt contracting and in stewardship by Lakshmanan Shivakumar (2013)
Statement of responsibility, etc. created by Trevor Pitman
264 1# - PRODUCTION, PUBLICATION, DISTRIBUTION, MANUFACTURE, AND COPYRIGHT NOTICE
Place of production, publication, distribution, manufacture Abingdon:
Name of producer, publisher, distributor, manufacturer Routledge
Date of production, publication, distribution, manufacture, or copyright notice 2013
336 ## - CONTENT TYPE
Source rdacontent
Content type term text
Content type code txt
337 ## - MEDIA TYPE
Source rdamedia
Media type term unmediated
Media type code n
338 ## - CARRIER TYPE
Source rdacarrier
Carrier type term volume
Carrier type code nc
440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE
Title Accounting and business research
Volume/sequential designation Volume 43, number 4
520 3# - SUMMARY, ETC.
Summary, etc. My role at Fitch is that of Regional Credit Officer, which is a role that looks across the whole portfolio of our ratings, whether they be sovereign ratings, structured finance ratings or corporate finance ratings, looking at the trends in those ratings and trying to bring to the attention of those who are setting the ratings in the ratings groups the different factors. Sometimes they can be accounting factors; sometimes they can be factors in the wider markets. In responding to the comments and how I see the role of the ratings agency, I certainly agree with some of the underlying points that Shivakumar is making. We have to be alert to the agency problems that are raised. That is critical to our analysis. An example discussed a great deal in the media, seemingly continuously, is that of bankers’ behaviour and the effect that had on shareholders, and indeed what the rest of society expected from bankers. That is certainly something that we need to be critically aware of. The debt equity conflict Shivakumar raised is certainly always implicit in our analysis because we are rating fixed-income instruments, although we do not make it explicit in all the analyses that we do. We cannot do that in every single analysis of the thousands of ratings that we have. Of course it is particularly prevalent for companies that have very low credit ratings, companies that have been leveraged up maybe through mergers and acquisitions (M&A) or primarily through M&A–certainly those in the lower single B territory of the rating range–the debt equity conflict is absolutely explicit in our analysis and is reflected in the rating there. Shivakumar devotes significant attention to the importance of financial accounts. Of course, from our perspective they play an absolutely central role in what we do. Shivakumar commented that they play an important role in both formal and implicit contracts; they certainly do that. False, incorrect information makes our job virtually impossible to do; we may be unable to rate an entity because we do not have good information to do so. If the accounting data are being manipulated, or excessive discretion is being used in connection with it, our rating would be based on
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Financial reporting
Form subdivision Debt contracting
General subdivision Stewardship
856 ## - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier https://doi.org/10.1080/00014788.2013.801673
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Source of classification or shelving scheme Library of Congress Classification
Koha item type Journal Article
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Serial Enumeration / chronology Total Checkouts Full call number Date last seen Copy number Price effective from Koha item type Public note
    Library of Congress Classification     Main Library Main Library - Special Collections 13/01/2014 Vol. 43, no. 4 (pages 384-385)   HD30.4 ACC 21/08/2024 SP17769 21/08/2024 Journal Article For in house use