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| Author: | Becker, B. Milbourn, T. |
| Title: | How did increased competition affect credit ratings? |
| Journal: | Journal of Financial Economics
2011 : SEP, VOL.101:3, p. 493-514 |
| Index terms: | credit rating competition reputation information quality bond yields |
| Freeterms: | company rating levels |
| Language: | eng |
| Abstract: | Based on the credit rating industry has historically been dominated, leading to long-standing legislative and regulatory calls for increased competition. The paper discovers that increased competition from Fitch coincides with lower quality ratings from the incumbents: Rating levels went up, the correlation between ratings and market-implied yields fell, and the ability of ratings to predict default deteriorated and offers several possible explanations for these findings that are linked to existing theories. |
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