This paper investigates the economic viability and welfare contribution of alternatives to issuer-paid credit rating agencies (CRAs). To this end, it introduces a heterogeneous competition model for credit and ratings markets. Frictions among issuers or investors induce rating inflation from...

This paper explores the role played by multiple credit rating agencies (CRAs) in the market for corporate bonds. Moody’s, S&P and Fitch operate in a competitive setting with market demand for both credit information and the certification value of a high rating. We empirically document the...

Corvers F., Hensen M. and Bongaerts D. Delimitation and coherence of functional and administrative regions, Regional Studies. The paper tests whether functional regions in the Netherlands show more labour market coherence between the municipalities included in them than the Dutch administrative...

Regulatory capital requirements for European banks have been put forward in the Basel II Capital Framework and subsequently in the capital requirements directive (CRD) of the EU. We provide a detailed discussion of the capital requirements for private equity investments under different...

This paper explores the economic role credit rating agencies play in the corporate bond market. We consider three existing theories about multiple ratings: information production, rating shopping and regulatory certification. Using differences in rating composition, default prediction and credit...