282 ot hf et hi ne cf ou nn sdi isnt eg nccoi es ts f bo er t swe ec eu nr i tCi eRsA (ss ei ne tChheai pr t rei rs k2 )a. sIsnevsessmt oernst .a lFsoor seexeamm tpol en, ot thi ec ye pt heer yc esievee mmtoor er ecl ryesdui tb sr at at innt gi a rl liys kl ews si tohnMaoMo doyo’ds yc’ os mc rpeadri et dr attoi nSg&cPo, ma npda raesdat or eSs &u lPt (see Chapter 3). Idnevael isnt og rws iat lhs ol asregeemi s st ou ebres wo re ltlhaows ea rwe i ot hf tf hr eeqpuoewn te irs os uf ei sss. uPerroso, fpoafr tt hi cius l iasr lgyi vwe nh ei nn Cp oh wa petre rosf 2i s saunedr s4 (wi nh teerremws eo sf hsoi zwe tahnadt fbroe tqhu eCnRcAys oaf nids s iunevse)s ti no rt os aa rc ec ot ua nk it nwg ht eh ne rating and pricing securities. Throughout our studies we use, amongst other things, the investors’ risk perspective (i.e., primary issuance spread) to assess the efficiency and eWf fee cs tt ai vret nbeys ss hoof wt hi en gc ut hr raet nt th reeggoual al toof rrye fgrua lma teowr yo rbkosdfioe rs tthoems eocvue rai twi zaayt ifor no mm aa rskoel te. reliance on credit ratings is only partially achieved. Investors still rely significantly or ant icnrgesd i(ts reaet iCnhgas p, bt eurt 2t h) e. yS uabl ssoe qpur iecnet lryi ,s kwset ha ar gt ut he etyh ha ta vae roebg suel ar vt oerdy beenyvoinr od ncmr eedni tt tshuai tte dt atkoe sr eignut loa taec tchoeu nmt atrhkee t ctohma np loenx iet ymoa fi nal y sl eocoukri int gy ’ sa t dt ehsei gnnu mmbaeyr boef cmr eodriet ratings. We base this argument on our findings in Chapter 3 where we show that investors only require dual ratings for complex securitization deals. Finally, our findings strongly suggest that unlike regulation, investors differentiate between tshe ec udri if tf ieerse. nTt hr ei s kp ur er tpeonstei oonf mt heet hroudl es ai ps pt loi efdo rbcye t ho er i tgriannact oh resr et ot a hi noel rd wa hpe onrpt iroi cni nogf sa kn idn -i innv- et hs teo- rg. aHmoewwe vi tehr ,t ht oe aa li lmo wt o tbr ae nt tcehr ea lriegtna itnheerisn tt oe r cehs te rbreyt wp ei cekn ftrhoemo rdi igf if ne raet on rt rs iesekmr se tneontt ifounl l ymael ti ghno edds tt oo tdheitse pr mu ri pn oe sheo(ws eteh Ce yh ahpotledr a6 p) . oTr ht ieosne ocfotnhcel ut sr ai onnssa cs thi oo wn ,
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