Showing 1 - 2 of 2
Credit rating agencies (CRAs) have long held that reputational concerns discipline their behavior. The value of reputation, however, depends on economic fundamentals that vary over the business cycle. In a model of ratings incorporating endogenous reputation and a market environment that varies,...
Persistent link: https://www.econbiz.de/10010635945
Persistent link: https://www.econbiz.de/10005122054