We develop a rational expectations model in which an issuer purchases credit ratings sequentially, deciding which to disclose to investors. Opacity about contacts between the issuer and rating agencies induces potential asymmetric information about which ratings the issuer obtained. While the...

The paper "Opacity, Credit Rating Shopping and Bias" to which this Technical Appendix applies is available at the following URL: "http://ssrn.com/abstract=2021073" http://ssrn.com/abstract=2021073In this online appendix we provide omitted proofs and further details for the paper "Opacity, Credit...