G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12648
DP12648 Reputations and credit ratings: evidence from commercial mortgage-backed securities
Ramin Baghai; Bo Becker
发表日期2018-01-24
出版年2018
语种英语
摘要How do changes in a rating agency’s reputation affect the ratings market? We study the dynamics of credit ratings after Standard & Poor’s (S&P) was shut out of a large segment of the commercial mortgage-backed securities (CMBS) ratings market following a procedural mistake. Exploiting the fact that most CMBS securities have ratings from multiple agencies, we show that S&P subsequently eased its standards compared to other raters. This coincided with a partial recovery in the number of deals S&P was hired to rate. Our findings are consistent with the view that an agency can regain market share after suffering reputational damage by issuing more optimistic ratings.
主题Financial Economics
关键词Credit ratings Reputation Competition Information quality Commercial mortgage-backed securities
URLhttps://cepr.org/publications/dp12648-0
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/541459
推荐引用方式
GB/T 7714
Ramin Baghai,Bo Becker. DP12648 Reputations and credit ratings: evidence from commercial mortgage-backed securities. 2018.
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