152 ratings by small CRAs. This leaves us with 2,155 tranches, representing our final si mu bpsaacmt opfl ei s tsou et er ’sst soi zuer ot hn i trhdehryapt iontgh eqsui sa.l iWt yeouf ss emaa llloCgRi tAms o( hdyepl ot ot hiensvi es s3t )i g: a t e t h e Higher by Smalljt = α 0 + α1 Issuer Sizeijt + Tranche, Issuer and Market Controlsijt + ϵijt All variables in Equations (4.1) and (4.5) are defined in Section 4.3. 4.5 Results In this section, we examine the impact of competition in the market for credit rhai gt ihnegrs oorn l or awt ienrg md ai frf ke er et ns cheasr ea nodn st thaen dr aatri dn sg. dWi fef esrt ea nr tc eb yb ea tnwa leyezni nsgmt ah lel ai mn dp al ac tr goef Co nR ACsR iAns ’Sreacttiinogn q4u. 5a.l1i t. yW. Ien aSneac ltyi oz ne 4t h. 5e. 2i m, wp ea cetxoafmcionme pi fect oi tmi opneitni t itohne iCnRtAh emcarrekdei tt rr ae taicnt gt mo amr ok er et hcaosmapnei tmi t pi oanc tboyn at dh jeursat ti ni ngg tsht ea inr draartdi ns go fs Ct aRnAdsa. rWd se ea xs pae cc to tmh ap te Ct iRt iAv es sr ot rl ae t ei ng yc. oMmopreetoi tvieorn, i at mi soenxgp Ce cRtAe ds . tThoa te xt ha em pi noewtehri so fi sissus eu,e wr se plloaoyks aa nt tihmepsoi rz tea no tf irsastuinegrss fionr Streacnticohnes4.i5ss.3u,eedxbpyecltairnggerthisastuCeRrsA. s are more likely to provide better Tb ae bt wl ee 4e .n4 spmr oavl li daensdt hl aer gr ee gCr Re sAssi oi ns trhe es udl tesp feonrdEeqnut avtai or ina b( 4l e. 1a) n, tdh tehrea tmi nagr kdei ft f es rheanr ce es oa nf al al yr sgies Co fRTAasbtl he e4 .k4e by ui tn rdeeppleanc ed et nh te vkaeryi ai nb dl ee p( He n1dAe)n. tI nv aTrai abbl el e4s . 5w iwt he trheep me aat r tkheet s( 4h .a3r)e, sa nodf s( 4m. 4a )l l, wC Rh Ae rse (wH e1 Br e) .g rTeasbsl et h4e. 6c rpe rdei ts er na tt isn tghoef raessmu lat sl l oCfREAqouna ttihoen ms (a4r .k2e)t, share of large CRAs (H2A). In Table 4.7 we replicate the regressions of Table 4.6
RkJQdWJsaXNoZXIy MTk4NDMw