Abstract: The collapse of so many AAA-rated structured …nance products in 2007-2008 has brought renewed attention to the causes of ratings failures and the con‡icts of interest in the Credit Ratings Industry. We provide a model of competition among Credit Ratings Agencies (CRAs) in which there are three possible sources of con‡icts: 1) the CRA con‡ict of interest of understating credit risk to attract more business; 2) the ability of issuers to purchase only the most favorable ratings; and 3) the trusting nature of some investor clienteles who may take ratings at face value. We show that when combined, these give rise to three fundamental equilibrium distortions. First, competition among CRAs can reduce market e¢ciency, as competition facil...
Abstract The reduced accuracy of credit ratings on structured …nance products in the boom just prece...
We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect inv...
Credit rating agencies(CRAs) are accused of failing to provide accurate and fair credit ratings and ...
Abstract: The collapse of so many AAA-rated structured …nance products in 2007-2008 has brought rene...
Abstract: The collapse of so many AAA-rated structured finance products in 2007-2008 has brought ren...
The collapse of AAA-rated structured \u85nance products in 2007-2008 has brought renewed attention t...
Abstract: The spectacular failure of top-rated structured \u85nance products has brought renewed att...
The collapse of AAA‐rated structured finance products in 2007 to 2008 has brought renewed attention ...
The spectacular failure of top-rated structured finance products has brought renewed attention to th...
The spectacular failure of top-rated structured finance products has brought renewed attention to th...
peer reviewedIn recent years, the Credit Rating Agencies (“CRAs”) have been in the eye of the storm....
We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect inv...
We develop a theoretical model to analyse the effect of competition on the conflict of interest aris...
This paper analyzes a model where investors use a credit rating to decide whether to finance a firm....
The paper analyzes the effect of competition between credit rating agencies (CRAs) on the informatio...
Abstract The reduced accuracy of credit ratings on structured …nance products in the boom just prece...
We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect inv...
Credit rating agencies(CRAs) are accused of failing to provide accurate and fair credit ratings and ...
Abstract: The collapse of so many AAA-rated structured …nance products in 2007-2008 has brought rene...
Abstract: The collapse of so many AAA-rated structured finance products in 2007-2008 has brought ren...
The collapse of AAA-rated structured \u85nance products in 2007-2008 has brought renewed attention t...
Abstract: The spectacular failure of top-rated structured \u85nance products has brought renewed att...
The collapse of AAA‐rated structured finance products in 2007 to 2008 has brought renewed attention ...
The spectacular failure of top-rated structured finance products has brought renewed attention to th...
The spectacular failure of top-rated structured finance products has brought renewed attention to th...
peer reviewedIn recent years, the Credit Rating Agencies (“CRAs”) have been in the eye of the storm....
We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect inv...
We develop a theoretical model to analyse the effect of competition on the conflict of interest aris...
This paper analyzes a model where investors use a credit rating to decide whether to finance a firm....
The paper analyzes the effect of competition between credit rating agencies (CRAs) on the informatio...
Abstract The reduced accuracy of credit ratings on structured …nance products in the boom just prece...
We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect inv...
Credit rating agencies(CRAs) are accused of failing to provide accurate and fair credit ratings and ...