Morkoetter, Stefan; Stebler, Roman; Westerfeld, Simone - School of Finance, Universität St. Gallen - 2015
We empirically investigate why issuers solicit and pay for multiple ratings not only at issuance but also during the monitoring phase of a debt instrument. Using a unique record of monthly credit rating migration data from Standard & Poor's, Moody's, and Fitch on all U.S. residential...