SOLICITED VERSUS UNSOLICITED RATINGS: THE ROLE OF SELECTION
This paper analyzes the extent to which selection explains the observed discrepancy between solicited and unsolicited ratings. I propose a model of selection with truth telling rating agencies and borrowers with the ability to veto the revelation of the rating. The observed difference between the tw...
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| Format: | Article |
| Language: | English |
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World Scientific Publishing
2019-12-01
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| Series: | Journal of Financial Management, Markets and Institutions |
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| Online Access: | http://www.worldscientific.com/doi/epdf/10.1142/S2282717X19500051 |