Purpose: French wine cooperatives show differences of corporate objectives, but also common ones with private wine merchants, as they face a common economic environment. The traditional controlling and financial models do not seem adequate to measure ‘sustainable social economy’ performances...

We study competition between an incumbent Credit Rating Agency (CRA) and a sequence of entrant CRAs that are potentially more e¤ective but whose ability in appraising default risk is unproven when they enter the market. We show that free entry competition fails to select the most competent CRA...