| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3317 |
| DP3317 Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs | |
| Danny Quah | |
| 发表日期 | 2002-04-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this Paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a ?focal point? for firms and their investors. We explore the vital ? but previously overlooked ? implicit contractual relationship between a credit rating agency and a firm. Credit ratings can help fix the desired equilibrium and as such play an economically meaningful role. Our model provides several empirical predictions and insights regarding the expected price impact of ratings changes, the discreteness in funding cost changes, and the effect of the focus of organizations on the efficacy of credit ratings. |
| 主题 | Financial Economics |
| 关键词 | Credit ratings Multiple equilibria Coordination |
| URL | https://cepr.org/publications/dp3317 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532343 |
| 推荐引用方式 GB/T 7714 | Danny Quah. DP3317 Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs. 2002. |
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