This paper derives conditions under which reputation enables certifiers to resist capture. These conditions alone have … strong implications for the industrial organization of certification markets: 1) Honest certification requires high prices … that may even exceed the static monopoly price. 2) Honest certification exhibits economies of scale and constitutes a …

-power hypothesis, and contradict the traditional certification hypothesis and underlying reputation mechanism. …This paper provides primary evidence of whether certification via reputable underwriters is beneficial to investors in … the corporate bond market. We focus on the high-yield bond market, in which certification of issuer quality is most …

How do lenders use their reputation when participating in syndicated loans? I address this question by focusing on … syndicate composition with respect to participants' reputation and its impact on loan spreads. I find that lender reputation … market finance features, rather than bank finance. However I find no evidence that lenders use their reputation and the …