113 Ipf ewr ieo dm (ocvoel ut omtnh e6 )c, owmep nl eoxti itcye i nt hdai ct adt uo ra sl ci nr ePdai nt er la tBi nogf sTna bo lt eo3n. l5y i hn atvhee ap odsr ta-mc rai st ii cs higher coefficient for credit rating, the significance of the complexity factors has dt hi saat pi npveeasrteodr se no tni raevl ey rcaogme pp ae rr ec ed i vt oe pt hr ea -t ctrhi es irse i ins caodlduimt i on n(a5l ) r. iTs hk ei ns edreeaslucl ot smspulgegxei tsyt beyond the credit rating pre-crisis, but not after the crisis. In sum, before the crisis our findings support Hypothesis 4 that on average dual ryai et il nd gtshdaon naost ihnagvl ee gr ar et eadt etrriannf oc hr me , aatliboeni tv aolnuley i fnotrhSe&dPe.t eArf mt e irntahtei ocnr oi sfitsh, ewree qs euei r ae nd oc op mp opsai rt ee de ftfoe cCt L, wO sh ewr iet hC La Ossi nwg il teh r da tui an lg r. aHt ionwg es vhearv, ew ae gs rheoawt e tr heaxt ptl ha en aetxopr lya np aotwo re yr pp or ews ee rn ci se soufbas traant itni agl lbyys Mt r oo no gdeyr’ si,nbtehf eo rper ea snednac fet eorf at hneSc&rPi s ci sr.eWd iht irlas tt i anng tSh&aPn ci nr etdhiet rating remains key to investors in CLOs for determining their yield requirement, prior to the crisis the addition of Moody’s did not substantially influence their yield requirements, whereas post-crisis it did. Chapter 3 - Security Design and Credit Rating Risk
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