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SystemicRiskReferences4
| Reference | Title | Link |
| Bongaerts, D. (2015) | The economics of investor-paid credit rating agencies | here |
Summary of abstract
"Recent crises triggered regulatory discussions on the issuer-paid model of credit rating agencies (CRAs). Using a heterogeneous competition model, this paper investigates whether investor-paid ratings can serve as viable and welfare improviing alternatives. The paper concludes that frictions among issuers or investors induce rating inflation from issuer-paid CRAs but investor-paid CRAs suffer from three types of free-riding and are generally not competitive enough." |
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