We examine two competing views regarding the impact of competition among credit rating agencies on rating quality: the … view that rating agencies do not sacrifice their reputation by inflating firm ratings and the view that competition among …. Using Fitch's market share as a measure of competition among rating agencies and controlling for the endogeneity problem …

these incentives are affected by the level of competition in the rating industry and by rating agencies' role as gatekeepers … rating industry competition leads to stronger corporate misreporting incentives if ratings are sufficiently precise or if … rating agencies assume a gatekeeper role. Under imperfect rating industry competition, (ii) agencies' gatekeeper role …

these incentives are affected by the level of competition in the rating industry and by rating agencies' role as gatekeepers … rating industry competition leads to stronger corporate misreporting incentives if ratings are sufficiently precise or if … rating agencies assume a gatekeeper role. Under imperfect rating industry competition, (2) agencies' gatekeeper role …