Vivian van Breemen

153 bt huet ur esseutlht se oc fr eEdqi ut ar at itoi nn g( o4 f. 5l )a ri gne TCaRb Al es 4a.s8 ,d tehpee nr adtei nn tg vdairf fi ea rbel ensc e( sH 2b Be t)w. We eenr es mp oarl tl ainnddelpaerngdeeCnRtAvsariisabthlee (dHe3p)e.ndent variable and the size of issuers is the primary 4.5.1 Competition and rating differences Td ihf fee rreens cuel tss b oe tf wt eh ee n ol radr ge er eadn dl osgmi t a rl le Cg rReAs ss i aosn sd e(pEeqnudaet ni ot nv a4r .i1a)b l we si tahr et hs eh orwa tni ni ng Tr aatbelde b4y. 4 D. PBaRnSe. l WAeoof nTl ay bul es e4 t. 4r apnrcehseesn tt hs aot drdesc eriavtei od saorf artei ng gr ebsys i bo no tshf oar l at rragne cahneds as ms aml laCl lRCARs A. Waes uws ee tawr oe si nu bt esraems tpelde si nf o rt ht er a rnacthi ne gs rdaitfef edr be ny cDeBs RbSe: towneeefno rl at rr ag ne cahneds rated by DBRS and Moody’s (columns 1 to 4) and one for tranches rated by DBRS and S&P (columns 5 to 8). We perform a similar analysis for KBRA in Panel B of Table 4.4, where we also split our sample into two subsamples: one for tranches rated by KBRA and Moody’s (columns 1 to 4) and one for tranches rated by KBRA and S&P (columns 5 to 8). In both panels of Table 4.4 we use all our measures of market share for larger CRAs, as specified in Section 4.3.2, as independent variables.49 First, we study the tranches rated by both DBRS and Moody’s in columns (1) to (4) of Panel A. In column (1) of Panel A we find that the odds ratio of MS Moody’s by Balance is negative and statistically significant (with odds of −8.22), indicating tohdadt saoof ne ex ps et ar ni ednacri dn gd ae vwi aotri os en ri antci rnega bs ey iDnBmR aS r, kc oe mt sphaarreedbtyo MMooooddyy’ ’ss ,i nf ocrr et ha se essa tmh ee tranche. With a worse rating we mean a rating that is less optimistic, so further 49i s sIuneadn i nu nt rheepUo rSt ea dn dt etshtewEeUpme raf rokr emt . tWh ee sdaomseo raesg rt ehses mi o na rakse ti ns hTaa rbel es o4 f. 4C, Rb Au ts wd ief fsepr l ai tc trhoes ss amma pr kl ee tbse(t ew. ge.e, ns eter aFni gc hu er es 4i s. s1uaenddi nTatbhlee U4 .S3 )m. Wa rek ef itn. dF os irmKiBl aRr Ar e, tshuel t sn ua smrbeepro rotfeodbisneTr av abtl ei o4n.s4 ,i nw itthhe sEl iUg hmt l ya rhkiegth iesr tsoi og nl oi fwi c atnot pl eevr ef ol sr mf o rs tt raat insct ihceasl analysis. Chapter 4 - Intensified Competition and the Impact on Credit Ratings

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