This article uses insights from the disciplines of industrial organization and of finance – and the understanding that has developed within both disciplines with respect to regulation – for an analysis of the credit rating industry

This article uses insights from the disciplines of industrial organization and of finance – and the understanding that has developed within both disciplines with respect to regulation – for an analysis of the credit rating industry

Despite extensive criticism, the major credit rating agencies (CRAs) – Moody's, Standard & Poor's, and Fitch – remain as central entities in the financial markets of the U.S. and Europe, especially with respect to bonds and similar financial instruments. This chapter provides a discussion of...