Tiebreaker: Certification and multiple credit ratings

Report, Preprint, Research OPEN
Dion Bongaerts; Martijn Cremers; William Goetzmann;
  • Publisher: Yale International Center for Finance (Yale ICF)
  • Subject: Ratings, Credit Spreads
    • jel: jel:G12 | jel:G14 | jel:G24
    mesheuropmc: health care economics and organizations

textabstractAbstract: This paper explores the role played by multiple credit rating agencies (CRAs) in the market for corporate bonds. Moody’s, S&P and Fitch operate in a competitive setting with market demand for both credit information and the certification value of a... View more
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