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Ron SIEGEL (Northwestern University)
Toulouse, France, 13–14 mai 2011
Thomas Mariotti (TSE and IDEI)
Margaret Kyle (TSE and IDEI)
Brian T. Melzer (Northwestern University)
Bruno Strulovici (Northwestern University)
Jennifer Brown (Northwestern University)
Marc Ivaldi (TSE and IDEI)
Doh-Shin Jeon et Stefano Lovo
n° 11-235, 10 mai 2011, révision 25 mai 2012
We study competition between an incumbent Credit Rating Agency (CRA) and a sequence of entrant CRAs that are potentially more effective but whose ability in appraising default risk is unproven when they enter the market. We show that free entry competition fails to select the most competent CRA as...
Eitan Goldman (Indiana University)
Toulouse, France, 5–6 mai 2011
Francesco Decarolis (University of Wisconsin, Madison)
