This paper investigates whether the stock market reacts to unsolicited ratings for a sample of S&P rated firms from January 1996 to December 2005. We first analyze the stock market reaction associated with the assignment of an initial unsolicited rating. We find evidence that this reaction is...

This paper examines why unsolicited ratings tend to be lower than solicited ratings. Both self-selection among issuers and strategic conservatism of rating agencies may be reasonable explanations. Analyses of default incidences of non-U.S. borrowers between January 1996 and December 2006 show...

This paper examines why unsolicited ratings tend to be lower than solicited ratings. Bothself-selection among issuers and strategic conservatism of rating agencies may be reasonableexplanations. Analyses of default incidences of non-U.S. borrowers between January 1996and December 2006 show that...

Das Firmenkundensegment und die Präsenz auf den internationalen Märkten für gewerblichen Hypothekarkredit und der Finanzierung öffentlicher Haushalte gewinnen für die deutschen Hypothekenbanken bis zum Jahr 2007 erheblich an Bedeutung, so das Ergebnis eines Forschungsprojekts der...

This paper examines why unsolicited ratings tend to be lower than solicited ratings. Both self-selection among issuers and strategic conservatism of rating agencies may be reasonable explanations. Analyses of default incidences of non-U.S. borrowers between January 1996 and December 2006 show...

The German mortgage banking market - Results of an empirical study: The corporate client segment as well as the presence in the international market places for commercial real estate lending and for the financing of public sector institutions will considerably gain in importance for German...

This paper examines why unsolicited ratings tend to be lower than solicited ratings. Both self-selection among issuers and strategic conservatism of rating agencies may be reasonable explanations. Analyses of default incidences of non-U.S. borrowers between January 1996 and December 2006 show...

In this paper we investigate the implications of providing loan officers with a compensation structure that rewards loan volume and penalizes poor performance versus a fixed wage unrelated to performance. We study detailed transaction information for more than 45,000 loans issued by 240 loan...

This paper investigates whether the stock market reacts to unsolicited ratings for a sample of S&P rated firms from January 1996 to December 2005. We first analyze the stock market reaction associated with the assignment of an initial unsolicited rating. We find evidence that this reaction is...

Risk-Yield Profile of the New Covered-Call-Index of the German Stock Exchange We have analysed in this article the risk-yield profile of the new DAXplus Covered-Call-Index of Deutsche Börse AG (German Stock Exchange) in the period from January 1993 to June 2005. It has turned out that, on a...