We study transparency and reputation in a stylized investment game in which two senders interact with a receiver in a linear network. We analyse how ex-ante information (compatible with receiver’s reputation building) and ex-post information (making the receiver’s decisions transparent) make...

We introduce a simple game-theoretical model that captures the main aspects of the repeated interaction between an issuer and a credit-rating agency. It involves up-front payments of issuer-fees and direct publication of requested ratings. Due to pecuniary injuries for untruthful ratings, the...