A multivariate analysis can be used in order to investigate the relationship between bond yields, ratings and standard control variables. In an attempt to evidence a possible impact of financial regulations using ratings, identical tests have been done on a number of cross-sections. Datasets for corporate (NYSE) bond issues allow a focus on two key events in the development of ratings driven financial regulation in the United States of America: the valuation of bank portfolios introduced in the

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... 1930's and the net capital requirements for broker dealers introduced in the 1970's. The contribution of bond ratings in the explanation of the variability in bond yields appeared definitely stronger once regulations had been enacted (1937 and 1975).