& Immordino (2007), we study the optimal regulation of CRAs in a model where rating quality is unobservable and enforcing … regulation is costly. The model shows that minimum rating standards increase the social value of credit ratings. The model also … analyzes implications for regulation in the presence of conflicts of interest between the CRA and the rated clients by direct …

with less stringent regulation. However, environmental regulations have had enormous benefits in terms of lives saved and … developing countries, where pollution levels are high. The benefits to society from environmental regulation hence appear to be …