Hirsch, Christian; Bannier, Christina E. - 2007
Generally, information provision and certification have been identified as the major economic functions of rating … agencies. This paper analyzes whether the 'watchlist (rating review) instrument has extended the agencies' role towards a … monitoring position, as proposed by Boot, Milbourn, and Schmeits (2006). Using a data set of Moody's rating history between 1982 …