143 Tmaabrlke e t4 .s3h ar reepso rf ot sr seua mc hmCaRr Ay smt ae tai ss ut ircesd f ob ry ot huer pmr ianr ckiepta ls hbaarl ae nccael ci us l raet ipoonrst .e dT hi ne Pa da nd ei tli oAn o, wf Teacbol ne s4t r. 3u, cat nadv ma r ai ar bk leet tshhaatrceopmebr i fnreesq tuheen mc ya irnk ePtasnheal rBe po ef rT ambal er k4e. t3p. eI nr year of the three largest CRAs44 (Large CRAs by Balance Size and Large CRAs by Tranche Count) and a variable that combines the market share per market per year of the two significant smaller CRAs45 (Small CRA by Balance Size and Small CRAs by Tranche Count). Figure 4.1 plots the market share measures reported in Table 4.3. We observe a relatively high portion of market share for KBRA in the US market but a very lboawl a nt oc ensoi zme a( Pr kaente sl hAaor fe Fi ing ut hr ee 4E. U1 ) ma na dr kter ta, nbcohteh cfoour nmt (aPr akne te lsBh aorfeFsi gmuer ae s4u. 1r e) d. Fboyr DU SB RmS awr keeot ,b tshe er vsemr ea ll al tCi vReAl ys hhiagvhe ma adr ko emt isnhaanrte sh ii gnhb mo t ahrmk eatr ks he tasr. eE (s rpoeucgi ahl llyy i6n0t%h e) compared to the larger CRAs in our sample period. This is consistent with the pmuabr lki ce ltys ahvaar iel aobf l De Bd Ra tSa a, nd di s cKuBsRs eAdi ni nt hS ee cUt iSo Mn B4 .S1 ,mt ha rakt esth. oWwhsi lae si ni g tnhi ef i cEaUn tmhai rgkheetr, lbaertgwe eCeRnA6s6r%e maani dn t8h0e%mions ot du or ms ai mn apnl et mp ea rr ikoedt p( Pl aayneerl sCwoi ft hF img ua rr ek e4t . 1s h) .a r e s r a n g i n g Oh yupr ostehceosni sd. kWe ey mi n edaespuernediesns tu ve ar rsi iazbel ei ni st wt hoe ws i za ey so: f (i1s )s uwe hr se,t uh seer dt ht oe yt easrteo luarr gt he i rodr small issuers measured by the value of their market share (Issuer Size by Balance), athnedy(p2l)awcehdetihnetrhtehmeyaarrkeetfr(equent issuers measured by the number of tranches Issuer Size by Frequency). We measure relative size on a global basis, as opposed to measuring the top 10% of issuers within each 44b aTl ahnactei ss itzheewmo aurl dk ebt es chaalrceu loaft eMdoaosd: y3’ s5 .+1 4S%& P( M+ oFoi tdcyh’ .s )F o+r2e0x. 5a m3 %p l e( F, ii nt c h2 )0 1+ 71 0i n. 5t3h%e E( SU&mP )a r=k6e t6 .t1h9e%m. a r k e t s h a r e b y 450.0T0h%at(iKsBthReA)m+ar3k3e.8t 1s%har(eDBoRf DS)B=RS33+.8K1B%R.A. For example, in 2017 in the EU market this would be calculated as: Chapter 4 - Intensified Competition and the Impact on Credit Ratings
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