This paper examines why unsolicited ratings tend to be lower than solicited ratings. Both self-selection among issuers and strategic conservatism of rating agencies may be reasonable explanations. Analyses of default incidences of non-U.S. borrowers between January 1996 and December 2006 show...

This paper examines why unsolicited ratings tend to be lower than solicited ratings. Both self-selection among issuers and strategic conservatism of rating agencies may be reasonable explanations. Analyses of default incidences of non-U.S. borrowers between January 1996 and December 2006 show...

We have analysed in this article the risk-yield profile of the new DAXplus Covered- Call-Index of Deutsche Börse AG (German Stock Exchange) in the period from January 1993 to June 2005. It has turned out that, on a risk-adjusted basis, investing in DAXplus Covered Call Certificates was...

The German mortgage banking market - Results of an empirical study: The corporate client segment as well as the presence in the international market places for commercial real estate lending and for the financing of public sector institutions will considerably gain in importance for German...

This paper investigates whether the stock market reacts to unsolicited ratings for a sample of firms rated by S&P between January 1996 and December 2005. We first analyze the stock market reaction to the assignment of an initial unsolicited rating. We find evidence that this reaction is negative...