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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.
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Showing 3 featured editions. View all 3 editions?
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1
How did increased competition affect credit ratings?
2010, National Bureau of Economic Research
electronic resource /
in English
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2
How did increased competition affect credit ratings?
2010, National Bureau of Economic Research
electronic resource /
in English
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3
How did increased competition affect credit ratings?
2008, Harvard Business School
in English
- 2nd rev.
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Book Details
Edition Notes
"October 2008, revised July 2009, September 2010"--Publisher's website.
Originally published as: Reputation and competition--evidence from the credit rating industry.
Includes bibliographical references.
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Work Description
"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"--National Bureau of Economic Research web site.
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