Residence of N.T. Fitch, Esq. - Vignette

A vignette of the residence of N.T. Fitch, Esq., Deputy Clerk of the Crown, Welland.

Indenture between William Arnott and Elizabeth Arnott and Nathan Thomas Fitch

Indenture of mortgage between William Arnott and Elizabeth Arnott of Welland County to Nathan Thomas Fitch of Welland County for Lots numbered 37 and the south half of 40 and 41 in the village of Merritville - instrument no. 5400, September 12, 1836.

Letter to H.H. Collier of the Auditor’s Office in Austin, Texas from D.W. Fitch, publisher of the Houston Star Newspaper

Letter to H.H. Collier of the Auditor’s Office in Austin, Texas from D.W. Fitch (3 pages, handwritten), publisher of the Houston Star Newspaper. The letter is about newspaper business and personal matters. It is stated that Henry might go to Austin. This letter has been torn and taped. This does not affect the text, Feb. 28, 1841.

The Informational Value of Corporate Credit Ratings

This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed income securities issuers and spanning January 2000 to December 2011, we find that credit default swaps (CDS) spreads do not react to changes in credit ratings. Hence credit ratings for all three agencies are not price informative. CDS prices are mostly determined by historical CDS prices while ratings are mostly determined by historical ratings. We find that credit ratings are marginally more sensitive to CDS than CDS are sensitive to ratings.