English, Article, Journal or magazine article edition: Reputation and competition: evidence from the credit rating industry Bo Becker; Todd Milbourn

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Bookmark: http://trove.nla.gov.au/version/139566
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Reputation and competition: evidence from the credit rating industry
Author
  • Bo Becker
  • Todd Milbourn
Physical Description
  • preprint
Notes
  • Fair and accurate credit ratings play an important role in the financial system, but investors and regulators who use ratings cannot easily verify their quality and ratings are paid for by the firms whose bonds are rated. The provision of quality ratings is at least partially sustained by the reputational concerns of the rating agencies. We use the rise of a third ratings agency to examine competition and reputation. Consistent with Klein and Leffler (1981), competition leads to lower quality in the ratings market: the incumbent agencies produce more issuer-friendly and less informative ratings when competition is stronger.
  • RePEc:hbs:wpaper:09-051
Language
  • English
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