Whenever a bilateral agrrement affects trade in services, the relevant provisions are multilateralized via Art. II:1 of GATS. Only exceptions: Preferential trade agreements, Recognition measures, MFN Exemptions...

We use a unique dataset of bond downgrades from a niche rating company that has been found to be reacting faster to publicly available information than its competitors. Using regime-switching models we propose risk measures to quantify stock return disturbances (distress costs) associated with...