Eisl, Alexander; Elendner, Hermann W.; Lingo, Manuel - Volkswirtschaftliche Fakultät, … - 2015
Rating agencies report ordinal ratings in discrete classes. We question the market’s implicit assumption that … this end, we develop a non-parametric method to estimate the relation between rating scales for pairs of raters. For every … rating class of one rater this, scale relation identifies the extent to which it corresponds to any rating class of another …