This Internet Appendix includes supplementary analyses and robustness tests. The original paper "The Financial Crisis and Corporate Credit Ratings" is available at the following URL: 'http://ssrn.com/abstract=2837376' http://ssrn.com/abstract=2837376

Credit ratings on many financial instruments failed to accurately portray default risk before the global financial crisis. I find no decline in the performance of corporate credit ratings during or after the crisis, indicating that the failures of ratings on financial instruments were due to...

Using comprehensive data on U.S. corporate bond trades since 2002, we find that retail bond investors over-rely on untimely credit ratings, neglect firm fundamentals, and appear to misunderstand the trade-off between bond risk and yields. Specifically, retail investors appear to select bonds by...