136 irsastui negr ss pa sr ot hv iedyeadr be ya bt hl ee tmo os os tl ifcaivt or ar at ibnl ge sofnr oe (ms )m. Tuhl ti si pbl ea rCgRa Ai nsi na ng dp oo wn leyrdmi sicgl ho ts ee vt eh ne bs eee hHi geheetr awl . ,h2e 0n 1t2h)e. Wi s seueexrpiesc at bt hl ea tt oi s bs ur ienrgs mw ha no yb dr ienagl smt oo rteh de eCaRl sAt omtahrek emt a(rek. ge .t, (wl ahrog ea r ies ss mu earlsl e hr e( rs emaaf tl el ri s) s uwei rl ls rheecreeiavfet earn) .dWdei secxlpo es ce t bt he at ttetrh irsa et ifnf egcst it sh ea vne ins smuoe rr es pf orro tnhoeupnuc er pd ofsoer osfmp aoltle Cn Rt i Aa lsl yags etnheerya tai rneg wg riel lai nt egr troe vceonmupe rfor mo mi s ep rtohsepi re csttiavne dwaor dr ks offered by the large issuer. This leads to our last hypothesis: H3A: Tranches issued by large issuers receive more favorable ratings from small CRAs, compared to large CRAs for the same tranche. 4.3 Data We manually collected the data for this study from Bloomberg. The complete universe consists of 7,119 tranches from 1,404 RMBS deals with a total value of USD 3.026 trillion that were issued and sold in the EU and US from the first quarter of 2017 to the third quarter of 2020. Using data of the most recent years allows us to study the impact of small CRAs, as they only gained significant market shares during that time period. Fc hoar rea ac tcehr ids tei ac sl ,, pt hr ei c idnagt da saet et , pr er of evriednecse trhaet easv, cari leadbilter adtei nagl sa, na dn dt rparni nc chiep anl abma leasn, cies.s u e r s The credit ratings in our dataset are assigned by Moody’s, S&P, Fitch, DBRS, and KBRA. We apply several filters to our dataset, removing tranches with incomplete iannfdo rims sautei or ni n. fBoyr mi na ct il ound,i nogu rosnal ym pt rl ae ni cs hreesd uwc ietdh f cr roemd i 7t , 1r a1t9i ntgo, 4y,e2a1r1 .oWf ies sf uu ratnhceer, ds iizsec a(r7d3etdr aanl lc ht reasn) .cTh he se rweimt ha imn iins gs i n4 ,g1 9c o0utpr aonnc hv ea sl uceosn(s1t i4t uttrea onuc hr e s ) a n d t r a n c h e full sample.
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