Vivian van Breemen

156 (bzy- sDt aBtR=S 3i n. 4c1r )e, ai snedsi ct ahtei nogd tdhsa ot fa eoxnpee sr ti ea nn cdianrgd ad be ve it at et iro rna itni nc gr eba ys eDi Bn RmS a, rc ko emt ps ah raer de to Moody’s, for the same tranche. We find consistent results when we use our cthoamtbMinoeoddym’sardkoeetsshare measure for large CRAs (columns 3 and 4). This indicates not have the tendency, on average, to provide a better rating (boynDe BcRl oSs. eWr ht oe nA AwAe )mt hoavne Dt oBoRuSr ws ahme np lceoomf pt reat ni tci ohne si nr attheed CbRy AMmo oa dr ky e’ st ai nntde nKsBi fRi eAs, icnh acnogl ue ms fnrso m( 5 )p ot os i t(i8v)e ot of Pnaengealt iAv e, . wWeeofbi ns edr vt heatthtahtet hoed dssi grna toi of st hoef oc ouer f fmi cai er knet st share measures for KBRA, MS KBRA by Balance (column 5) and MS KBRA by Tranche (column 6), are negative but only significant at the 5% significance level. For example, a one standard deviation increase in MS KBRA by Tranche db ye cKr Be aRsAe st ht ah ne bo yd dMso, owdi yt h’ s −f o3 r0 t6h. 1e s( za -ms tea tt r=a n−c2h. 2e .2W) , eo ff i enxdpceorni esni sctienngt ar ebseutlttesrf or ar toi nu gr combined market share measure MS Small CRAs by Balance and MS Small CRAs by Tranche in columns (7) and (8). Secondly, we study the tranches rated by S&P in Panel B of Table 4.5. For tranches rpaotseidt i vbey sSi &g nPi f ai cnadn tD rBeRs Su l itns c( ao tl utmh en s5 %( 1 ) l et ov e(l 4) )f oi nr oP na ne eol fBo, uwr e c foi nmdb ionnel dy sml iagrhkt el yt share measures of small CRAs, MS Small CRAs by Balance (column 3). We find no sBi eg sni idf iecsa, nwt er ef isnudl t sn of o sr i og nu irf imc aanr kt er et ss uh lat rseamt ae lal sf uo rr etsr aonf cDhBeRs Sr ai nt ecdo lbuymSn&sP( 1a )n ad nKdB( R2 A) . in columns (5) to (8) of Panel B. Ti shme roerseullitks eol yf Ttaobal es s4i .g5ns ua gwg eosrts et h(aftu, rwt hi tehr hai wg haeyr fmr oamr k eAtAsAh)a rrea toi nf Dg Bc Ro mS , pMaor eo dd yt’os DBRS for the same tranche. This suggests that Moody’s does not assign better rWa et i nf ignsdt on or estiaginni foi cragnat i nr ems ual rt sk etth as th aSr&e Ps wa shsei gnncsoemi tpheetri t wi oonr soef Do rB RbSe t itne tre rnastiifni egss.

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