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Coping with Shocks and Shifts : The Multilateral Trading System in Historical Perspective
Irwin, Douglas A. - 2011
shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and …
Persistent link: https://www.econbiz.de/10012461059
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Common Ownership and Competition in the Ready-to-Eat Cereal Industry
Backus, Matthew; Conlon, Christopher; Sinkinson, Michael - National Bureau of Economic Research - 2021
Models of firm conduct are the cornerstone of both theoretical and empirical work in industrial organization. A recent contribution (Berry and Haile, 2014) has suggested the use of exclusion restrictions to test alternative conduct models. We propose a pairwise testing procedure based on this...
Persistent link: https://www.econbiz.de/10012482568
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Who Should Pay for Credit Ratings and How?
Kashyap, Anil K. - 2013
We analyze a model where investors use a credit rating to decide whether to finance a firm. The rating quality depends on unobservable effort exerted by a credit rating agency (CRA). We study optimal compensation schemes for the CRA when a planner, the firm, or investors order the rating. Rating...
Persistent link: https://www.econbiz.de/10012459738
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How did increased competition affect credit ratings?
Becker, Bo - 2010
longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the … competitive landscape offers a unique experiment to empirically examine how in fact increased competition affects the credit … ratings market. Increased competition from Fitch coincides with lower quality ratings from the incumbents: rating levels went …
Persistent link: https://www.econbiz.de/10012462252
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Evaluating Policies to Prevent another Crisis : An Economist's View
Willen, Paul S. - 2014
I consider four policies created to address the financial crisis: (1) the ability-to-repay requirement in mortgage underwriting; (2) reform of rating agency compensation, (3) risk retention in securitization, and (4) mandatory loan renegotiation. I show that according to standard models,...
Persistent link: https://www.econbiz.de/10012458564
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The Credit Rating Crisis
Benmelech, Efraim - 2009
Since June 2007, the creditworthiness of structured finance products has deteriorated rapidly. The number of downgrades in November 2007 alone exceeded 2,000 and many downgrades were severe, with 500 tranches downgraded more than 10 notches. Massive downgrades continued in 2008. More than 11,000...
Persistent link: https://www.econbiz.de/10012463604
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Ratings Shopping and Asset Complexity : A Theory of Ratings Inflation
Skreta, Vasiliki - 2009
agency produces an unbiased estimate of the asset's true quality. Increasing competition among agencies would only worsen …
Persistent link: https://www.econbiz.de/10012463886
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The End of Gatekeeping : Underwriters and the Quality of Sovereign Bond Markets, 1815-2007
Flandreau, Marc - 2009
long run. We focus on output, quality control, information provision, competition, pricing, charging, and signaling. We …
Persistent link: https://www.econbiz.de/10012463522
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Breaking the Spell with Credit-Easing : Self-Confirming Credit Crises in Competitive Search Economies
Gaballo, Gaetano - 2016
only locally around equilibrium outcomes. Policy is needed because competition deters the socially optimal degree of …
Persistent link: https://www.econbiz.de/10012456667
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Risky Investments with Limited Commitment
Cooley, Thomas F. - 2013
traditional partnership replaced by public companies. The organizational change has increased the competition for managerial … talent, which may have weakened the commitment between investors and managers. We show how increased competition and the …
Persistent link: https://www.econbiz.de/10012459068