Vivian van Breemen

126 Abstract In this paper, we empirically investigate the impact of intensified competition os enc ur ar itti inegs q(uRaMl i tByS i)n itnh e t chree dpi te rriaotdi n g2 m0 1a7r -k2e0t 2f0o .r rWe sei d pe nr ot ivaild me oervt gi daegne c- be a ctkheadt c&o Pmopoert’ ist)i oann db ent ewwe ee rn sl amr ag lel ecrr eodni et sr a( tDi no gmai ng ei onnc i Be so n( CdRRAast)i n( Mg So eo rdvyi ’cse aMn do rSnt ai nngdsat radr and Kroll Bond Rating Agency) creates credit rating inconsistencies in the RMBS mo f aar kReMt . BWS ,hiirl er eas pc er ec tdi ivte r oa tf i tnhge schoomu lpde tsiot il oe lny irne pt hr ee sme natr kt he et , uo nu dr errel syui nl tgs csrheodwi t trhi sakt tChRi sA si st ennodt tt oh ea dc jausset . tWh ehi re nr act oi nmg ps et at int idvaer dp sr e( ss smu ar lel ei rs ChRi gAhse rr ,e ab cott ht o l laarrggee aCnRdA ss ma na dl l vice versa). Keywords: rating quality, credit rating agencies, competitive pressure. JEL classifications: G15, G21, G24, G28.

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