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...

Die ersten drei Artikel (Kapitel 3, 4 und 5) analysieren unter welchen Bedingungen positive oder negative Auswirkungen von Standards auf Handel überwiegen. Wir betrachten die folgenden Determinanten: Marktkonzentration, Produktkomplexität, Qualität öffentlicher Institutionen und die Art des...

It is frequently hypothesized that environmental management systems (EMSs) may improve a firm's environmental performance. Whether or not this hypothesis is true is as important from the perspective of environmental policy as questions relating to the relevant incentives for (1) a firm's...

A simple model of decentralised graduation standards is presented. It is shown that a school whose students are disadvantaged on the labour market applies less demanding standards because such students have less incentives to graduate. The model's predictions are tested using Dutch school-level...