145 6m0e%a s ui nr eWoyf olmo ci an tgi )o, nt h(ei .ne . ,t hWe yl oo mc aitni og n) . wWiet ha tl shoe cmoanjtorroilt yf oorf ccroel dl ai tt erraatli ni sg ubsye du saisn ga ti nh eS ne cutmi oenr i4c .a3l . 1s c. aI nl e ot or dceorntvoe rctr ea al l t cer oe dn iet cr ar et idnigt sr at ot i nn ug mc oenr itcraoll svcaorri ea sb, l ae s, we xephl aaidn et do combine the credit ratings of several CRAs.47 Finally, we include Year, a control variable for the year in which the security is issued (ranging from 2017 to 2020). 47 The number of observations is significantly reduced if we do not combine the credit ratings of different CRAs to create one control factor. Chapter 4 - Intensified Competition and the Impact on Credit Ratings
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