The SEC’s NRSRO designation for Japanese credit rating agencies is suitable for examining certification and monitoring effects, as Japanese domestic bond markets are not subject to SEC regulations. We find that the certification increased the market share of new NRSROs compared to that of incumbent NRSROs. Moreover, bond issues rated by newly certified NRSROs obtained lower yields and their ratings became relatively more informative for predicting the yield spread after the NRSRO designation. Our findings suggest that the NRSRO designation enhances the reputation of newly certified NRSROs and the value of their ratings information.

中文翻译：

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国家认可的统计评级机构认证对日本信用评级机构是否重要？

SEC 对日本信用评级机构的 NRSRO 指定适用于检查认证和监控效果，因为日本国内债券市场不受 SEC 监管。我们发现，与现有 NRSRO 相比，该认证增加了新 NRSRO 的市场份额。此外，由新认证的 NRSRO 评级的债券发行获得较低的收益率，并且它们的评级在预测 NRSRO 指定后的收益率差方面变得相对更有用。我们的研究结果表明，NRSRO 的指定提高了新认证的 NRSRO 的声誉及其评级信息的价值。