Two-Sided Reputation in Certification Markets

References

• Austen-Smith D, Fryer R (2005) An economic analysis of acting white. Quart. J. Econom. 120(2):551–583.Google Scholar
• Bar-Isaac H, Deb J (2014a) (Good and bad) Reputation for a servant of two masters. Amer. Econom. J.: Microeconom. 6(4):293–325.Crossref, Google Scholar
• Bar-Isaac H, Deb J (2014b) What is a good reputation? Career concerns with heterogeneous audiences. Internat. J. Indust. Organ. 34:44–50.Crossref, Google Scholar
• Becker B, Milbourn T (2011) How did increased competition affect credit ratings? J. Financial Econom. 101(3):493–514.Crossref, Google Scholar
• Benabou R, Laroque G (1992) Using privileged information to manipulate markets: Insiders, gurus, and credibility. Quart. J. Econom. 107(3):921–958.Crossref, Google Scholar
• Bolton P, Freixas X, Shapiro J (2012) The credit ratings game. J. Finance 67(1):85–11.Crossref, Google Scholar
• Bongaerts D, Cremers K, Goetzmann WN (2012) Tiebreaker: Certification and multiple credit ratings. J. Finance 67(1):113–152.Crossref, Google Scholar
• Chen Z, Lookman A, Shürhoff N, Seppi D (2014) Rating-based investment practices and bond market segmentation. Rev. Asset Pricing Stud. 4(2):162–205.Crossref, Google Scholar
• Cohn J, Rajan U, Strobl G (2013) Credit ratings: Strategic issuer disclosure and optimal screening. Working paper, University of Texas at Austin, Austin.Google Scholar
• Cornaggia J, Cornaggia K, Hund J (2011) Credit ratings across asset classes. Working paper, Georgetown University, Washington, DC.Crossref, Google Scholar
• Doherty N, Kartasheva A, Phillips R (2012) Information effect of entry into credit ratings market: The case of insurers’ ratings. J. Financial Econom. 106(2):308–330.Crossref, Google Scholar
• Ely J, Välimäki J (2003) Bad reputation. Quart. J. Econom. 118(3):785–814.Crossref, Google Scholar
• Ely J, Fudenberg D, Levine D (2008) When is reputation bad? Games Econom. Behav. 63(2):498–526.Crossref, Google Scholar
• Farhi E, Lerner J, Tirole J (2005) Certifying new technologies. J. Eur. Econom. Assoc. 3(2–3):734–744.Crossref, Google Scholar
• Farhi E, Lerner J, Tirole J (2013) Fear of rejection? Tiered certification and transparency. RAND J. Econom. 44(4):610–631.Crossref, Google Scholar
• Faure-Grimaud A, Peyrache E, Quesada L (2009) The ownership of ratings. RAND J. Econom. 40(2):234–257.Crossref, Google Scholar
• Frenkel S (2015) Repeated interaction and rating Inflation: A model of double reputation. Amer. Econom. J.: Microeconom. 7(1):250–280.Crossref, Google Scholar
• Gertner R, Gibbons R, Scharfstein D (1988) Simultaneous signalling to the capital and product markets. RAND J. Econom. 19(2):173–190.Crossref, Google Scholar
• Glazer A, McMillan H (1992) Pricing by the firm under regulatory threat. Quart. J. Econom. 107(3):1089–1099.Crossref, Google Scholar
• Hall KG (2009) How Moody’s sold its ratings—and sold out investors. McClatchy Newspapers (October 18), http://www.mcclatchydc.com/news/politics-government/article24559855.html.Google Scholar
• Hartman-Glaser B, Piskorski T, Tchistyi A (2012) Optimal securitization with moral hazard. J. Financial Econom. 104(1):186–202.Crossref, Google Scholar
• Holmström B (1999) Managerial incentive problems: A dynamic perspective. Rev. Econom. Stud. 66(1):169–182.Crossref, Google Scholar
• Jeon D-S, Lovo S (2012) Reputation as an entry barrier in the credit rating industry. Working paper, Toulouse School of Economics, Toulouse, France.Google Scholar
• Jeon D-S, Lovo S (2013) Credit rating industry: A helicopter tour of stylized facts and recent theories. Internat. J. Indust. Organ. 31(5):643–651.Crossref, Google Scholar
• Kashyap A, Kovrijnykh N (2016) Who should pay for credit ratings and how? Rev. Financial Stud. 29(2):420–456.Crossref, Google Scholar
• Keys B, Mukherjee T, Seru A, Vig V (2010) Did securitization lead to lax screening? Evidence from subprime loans. Quart. J. Econom. 125(1):307–362.Crossref, Google Scholar
• Kisgen D, Osborn M, Reuter J (2016) Analyst promotions within credit rating agencies: Accuracy or bias? Working paper, Boston College, Chestnut Hill, MA.Crossref, Google Scholar
• Lerner J, Tirole J (2006) A model of forum shopping. Amer. Econom. Rev. 96(4):1091–1113.Crossref, Google Scholar
• Levit D, Malenko N (2016) The labor market for directors and externalities in corporate governance. J. Finance 71(2):775–808.Crossref, Google Scholar
• Martin TW, Grossman A (2015) How the Justice Department, S&P came to terms. Wall Street Journal (February 2), https://www.wsj.com/articles/s-p-pact-hinged-on-trade-offs-with-justice-1422915828.Google Scholar
• Mathis J, McAndrews J, Rochet J (2009) Rating the raters: Are reputation concerns powerful enough to discipline rating agencies? J. Monetary Econom. 56(5):657–674.Crossref, Google Scholar
• Morris S (2001) Political correctness. J. Political Econom. 109(2):231–265.Crossref, Google Scholar
• Opp C, Opp M, Harris M (2013) Rating agencies in the face of regulation. J. Financial Econom. 108(1):46–61.Crossref, Google Scholar
• Ozerturk S (2014) Upfront versus rating contingent fees: Implications for rating quality. Finance Res. Lett. 11(2):91–103.Crossref, Google Scholar
• Reuters (2009) Connecticut attorney probes ratings bailout “windfall.” (April 7), http://uk.reuters.com/article/us-connecticut-agencies-sb-idUKTRE5356ZV20090406.Google Scholar
• Rochet JC, Tirole J (2006) Two-sided Markets: A progress report. RAND J. Econom. 37(3):645–667.Crossref, Google Scholar
• Scannell K (2011) SEC critical of rating agency’s controls. Financial Times (September 30), https://www.ft.com/content/af238d50-eb7c-11e0-a576-00144feab49a.Google Scholar
• Shapiro J, Skeie D (2015) Information management in banking crises. Rev. Financial Stud. 28(8):2322–2363.Crossref, Google Scholar
• Skreta V, Veldkamp L (2009) Ratings shopping and asset complexity: A theory of ratings inflation. J. Monetary Econom. 56(5):678–695.Crossref, Google Scholar
• Sobel J (1985) A theory of credibility. Rev. Econom. Stud. 52(4):557–573.Crossref, Google Scholar
• Stahl K, Strausz R (2017) Certification and market transparency. Rev. Econom. Stud. 84(4):1842–1868.Google Scholar
• U.S. Financial Crisis Inquiry Commission (2011) The Financial Crisis Inquiry Report (U.S. Government Printing Office, Washington, DC).Google Scholar