prevailing incentive problem of the market and contemporaneously satisfy the reputation demand of the investors? This paper … theoretical approach that considers reputation as one of the most important aspects within the market. After analysing the status … smaller CRAs and new incumbents are the increase of market share as well as reputation. Therefore, the market competition …

We consider a market where privately informed sellers resort to certification to overcome adverse selection. There is … U-shaped function of his reputation for accuracy: being perceived as more precise allows to attract more good sellers … but a high expected precision also deters bad sellers. Since the certifier tries to reach a balanced reputation to attract …

In a market where sellers solicit certification to overcome asymmetric information, we show that the profit of a … monopolistic certifier can be hump-shaped in its reputation for accuracy: a higher accuracy attracts high-quality sellers but … one certifier, competition plays a disciplining role and the region where reputation is bad shrinks. Conversely, this …

-period reputation model in which a CRA both designs and rates securities that are sold both to investors who require highly rated …