Doherty, Neil A.; Kartasheva, Anastasia V.; Phillips, … - In: Journal of Financial Economics 106 (2012) 2, pp. 308-330
ratings. We show that a monopolistic CRA pools sellers into multiple rating classes and has partial market coverage. This … standards. We use Standard and Poor's (S&P) entry into the market for insurance ratings previously covered by a monopolist, A ….M. Best, to empirically test the impact of entry on the information content of ratings. The empirical analysis reveals that S …