Kraft, Kornelius; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004
Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be provided. The purpose of this paper is to test whether credit ratings contribute...