We use dynamic panel analysis to examine whether credit rating agencies achieve what they claim to achieve, namely …

This paper provides an overview on classical and new methods for testing time series properties of migration matrices … considered to be constant through time. Further, transition matrices are dependent on the used rating methodology. We investigate … the changes in migrations of an extensiverating system based on financial ratios. Our findings are time …

analyze the dynamic relations between efficiency and performance in the German banking market. To this end we use panel data … with a shorter time lag on the probability of default. On the other hand, cost efficiency has on average a slightly larger …

unobservable factors. The empirical analysis is based on a panel data set containing information on 15,538 East German firms …

The time-continuous discrete-state Markov process is a model for rating transitions. One parameter, namely the …, resulting in a chi-square-distributed likelihood ratio of state-stationarity and the state-specific model. This extents to time …