全球智库信息集成服务系统(G2TT): How did increased competition affect credit ratings?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w16404
来源ID	Working Paper 16404
	How did increased competition affect credit ratings?
	Bo Becker; Todd Milbourn
发表日期	2010-09-30
出版年	2010
语种	英语
摘要	The credit rating industry has historically been dominated by just two agencies, Moody's and S&P, leading to longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the competitive landscape offers a unique experiment to empirically examine how in fact increased competition affects the credit ratings market. Increased competition from Fitch coincides with lower quality ratings from the incumbents: rating levels went up, the correlation between ratings and market-implied yields fell, and the ability of ratings to predict default deteriorated. We offer several possible explanations for these findings that are linked to existing theories.
主题	Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w16404
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/574079
推荐引用方式 GB/T 7714	Bo Becker,Todd Milbourn. How did increased competition affect credit ratings?. 2010.