Fieberg, Christian; Mertens, Richard Lennart; Poddig, … - In: The Journal of Risk Finance 17 (2016) 2, pp. 152-168
Purpose Credit market models and the microstructure theory of the ratings market suggest that information provided by credit rating agencies becomes more relevant in recessions when agency costs are high and less relevant in expansions when agency costs are low. The purpose of this paper is to...