This paper develops a model in order to explore how a banks equity stake in a competitor of a borrower affects the financing relationship with the borrower and product market outcomes.

Die Mehrfachverwertung vorhandener Inhalte (Content Syndication) ist ein inverschiedensten Bereichen der Medienbranche verbreitetes Konzept, um ausHerstellersicht Produktionskosten zu refinanzieren bzw. aus Sicht der Inhaltedistributorendie Akquisitionskosten des Inhalteangebots gering zu...

How do ratings fit in?, Financial crisis Issues, Financial Crisis Impact

Before - The use of ratings; During- Responses, Reactions, Lessons Learnt; After- BReakouts, Conclusions...

Rating agencies learned their lessons, insurance ratings less affected than other (banks, MBS), insurance ratings will remain an important part of financial markets...until a new black swan emerges...

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...