paper analyzes the corporate bond rating standards and tests whether reputation concerns are powerful enough to discipline … such prediction and suggests that reputation concerns are not always powerful enough to serve as a self …

-period reputation model in which a CRA both designs and rates securities that are sold both to investors who require highly rated …

disappear since CRAs are then more concerned about their long-run reputation. We test our hypotheses by analyzing the gap … (relative) reputation. Finally, we find that harsher downgrades tend to occur for securities not jointly rated and that the …