137 4.3.1 Dependent Variables To test hypothesis 1, we use the rating difference between small and large CRAs ansu mo uerr idceapl ecnr eddeint t rvaat irni agbsl ec.oWr ee omf eaassmu rael lt hCeR Ar a tf irnogmd itfhf ee rne nu cmeebr yi c saul bc trreadcitti nr ag tti nh ge sr ac ot irneg so ft oa nl aurmg ee r Ci cRa Al ss.c oWr ee s ccroe rart ee s pa onnudmi negr itcoa lt hs ec arl ea t ibnyg cnoontvc ehretsi .n gU stihneg cSr&e Pd ’ist cArAeAd,it2rfaotrinAgAs+y,s3tefmor aAsAa, n4 efoxramAAp-l,ea, nthdesonuomn.erical scores were as follows: 1 for Wfolelomweiansgufroeurravtianrgiadbilfefes:rence between small and large CRAs by constructing the • Moody’s rating minus DBRS’ rating for the same tranche (Rating Differences Moody’s – DBRS), • S&P’s rating minus DBRS’ rating for the same tranche (Rating Differences S&P – DBRS), • Moody’s rating minus KBRA’s rating for the same tranche (Rating Differences Moody’s – KBRA), and • S&P’s rating minus KBRA’s rating for the same tranche (Rating Differences S&P – KBRA). To af bt hl ee 4t.r1a nr ecphoe rs t sd ot hneovtahr iaavbel ea nd yi s trraitbi nu gt i odni f. fFeor er nacl le f ob ue trwveaer ni a bt hl ees ,s mm oa lrle atnhda nl ahraglef Ci sRl Aa rsg. eI lnyt ec raeusstei nd gbl yy, at hsemraal tl ei nr gCs RdAi f tf he ra tmp or os tvl iyd ebdy ao nb ee t nt eort cr ha t, i anng do nt hai sv edriaf gf eer et hnac ne t5h7e%l aor bg et ar i nCeRdA .a Fsoi mr ei lxaar mr aptl ien, go fo fa lbl ot trha nCcRh Ae ss raantde d2 4b %y boobt tha iMn eo do day ’bs e at tnedr Dr aBt iRnSg, or af tDe dB Re Sq.uSai lmainl adr liyn, f1o7r %t r aonf ct hh ee scraasteesd, Db yB RS &S Pa sasni gdnDe dB Ra Sb, e5t9t e%r or af ttihneg tarsa ns chhoews na ri ne Table 4.1. Chapter 4 - Intensified Competition and the Impact on Credit Ratings
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