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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP12648 |
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 |
URL | https://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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