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Studies have shown that when two information providers or outside auditors exist, the value provided by the second one will be decreased by the actions of the first. Credit rating agencies have been rating bank loans since 1996. Capitalizing on the highly similar functions performed by banks and these agencies, the informational value of bank loan ratings is examined. Further, evidence is provided on whether rating agencies duplicate the certifying and monitoring roles played by banks. The significant market reaction to negative bank loan rating announcements suggests these rating actions convey information beyond that provided via bank loan approvals and renewals. [ABSTRACT FROM AUTHOR]

Analyzes the informational content of credit rating announcements for share prices in a small market. Theoretical perspectives on the value of credit ratings; Distribution of credit rating announcements by year; Equity market reaction to the announcement of a credit rating assignment.

Discusses the acquisitions by real estate investment trusts as a strategy for minimization of investor tax liability. Real estate investment trusts characteristics and qualifications; Tax benefits from merger and acquisition; Benefits from net operating loss carry-forwards.