Credit Ratings and Investments

The authors thank Camelia Kuhnen (the editor), the associate editor, two anonymous referees, Dion Bongaerts, Martin Brown, Andrea Colciago, Camille Cornand, Vessela Daskalova, John Duffy, Lorenz Emter, Rustamdjan Hakimov, Frank Heinemann, Stefan Hirth, Anita Kopanyi-Peuker, Rosemarie Nagel, Mikael Paaso, Luba Peterson, Margaret Samahita, Spyros Terovitis, Stefan Trautmann, Radu Vranceanu, and Sweder van Wijnbergen as well as seminar and conference participants at De Nederlandsche Bank, ESADE Business School, University College Dublin, University of Innsbruck, Nottingham Business School, University of Piraeus, Universitat Rovira i Virgili, Workshop on Theoretical and Experimental Macroeconomics (Berlin), Conference of the French Association of Experimental Economics (Lyon), ERMAS (Cluj-Napoca), CREST/LESSAC Workshop in Experimental Economics (Dijon), Behavioural Economics and Finance Workshop (Stavanger), International Conference on Macroeconomic Analysis and International Finance (Crete), International Banking, Economics and Finance Association (San Diego), European Economic Association (Barcelona), Strategic Interaction in Corporate Finance Workshop (Aarhus), Economic Sciences Association (Exeter), and Symposium of the Spanish Economic Association (Barcelona) for valuable comments and suggestions. The authors also thank Fatih Cingöz, Ji Ho Choi, Pablo López-Aguilar, Sergio Salas, Néstor Salcedo, and Konstantina Zacharaki for excellent research assistance. The views expressed in this paper are those of the authors and do not necessarily represent those of DNB or the Eurosystem.