Transitioning to a sustainable future with inclusive, green economies and resilient
ecosystems requires huge investments. The rescue packages imposed by the COVID-19 …

Credit rating agencies (CRAs) play a central role in the debt (bond) markets of many
countries. CRAs have also attracted a considerable amount of public and policy attention …

In this survey we provide an overview of the subprime mortgage securitization process and
the seven key informational frictions which arise. We discuss how market participants work …

Credit rating agencies play a critical role in capital markets, guiding the asset allocation of
institutional investors as private capital moves freely around the world in search of the best …

In recent years, credit rating agencies have faced increased regulatory pressure and
investor criticism for their ratings' lack of timeliness. This study investigates whether and how …

This paper compares the importance of different sovereign credit rating determinants over
time, using a sample of 90 countries for the years 2002–2015. Applying the composite …

Credit rating agencies do not only disclose simple ratings but announce watchlists (rating
reviews) and outlooks as well. This paper analyzes the economic function underlying the …

This paper analyses lead–lag relationships in sovereign ratings across five agencies, and
finds evidence of interdependence in rating actions. Upgrade (downgrade) probabilities are …

We study the real effects of market segmentation due to credit ratings by using a matched
sample of firms just above and just below the investment-grade cutoff. These firms have …

The ongoing financial crisis has drawn considerable attention to the role of credit rating
agencies in the financial system. We examine how the foreign exchange market reacts to …