Löffler, Gunter; Maurer, Alina - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2009
duration model, leverage targeting, mean rever-
sion, credit rating
JEL Classification: G32, G33
Acknowledgements: This …”. We thank
Moody’s Investors Service for providing rating and default data.
∗ Ulm University, Institute of Finance … credit ratings issued by agencies such as Fitch,
Moody’s or Standard & Poor’s. According to rating agencies, these ratings …