284 on both rating shopping and rating catering behaviors of issuers (second sub- question). So apparently the credit rating is not only influenced by the securities’ ct or eedxi tp aqnuda l imt ya, rakseot nseh amr ieg hatn edx rpeevcet ,nbuue t. aTlhs eo us as me de bhyoml dasr kf oert pt hl aey ei mr spaasc ta omf eCaRnAs cc or emd pi tertai tt ii onng oa nn dr ar at itni ng gqsut aa lni tdya, rads sbboat she lda rogne caonmdpsemt i at ilvl eC pRrAess ss ue reems ot of oandej uasnt ot thheei rr (btehtiwr de esnu bC-RqAuse sitni o ans)s. i gRnaitni ng gc rqeudai tl i trya t ii sn gas l, s po a ratfifceuc ltaerdl y bwy htehne i ti nccoomn seiss t et on ctihe es different levels of creditor protection (fourth sub-question). Finally, investors seem to price, beyond the credit rating, the risk of specific risk retention methods ut os eedn fboyr ct he er oe tr ei gni tni oa tno dr . oT hn eo st ee rqeusaul ll tys as lui gg ng etsht et hi na tt et rhees rt eogf ubl aottohr yt hme eotrhi go idnsaitno rp laanc de investor (fifth sub-question). Ac al tuosgeedt hbeyr, stehvee rraels uf al tcst osrhs o swu cthh aat s i nc vo ems pt oert si t iaorne, er ax tpi on sge ds htoop pc ri ne gd i ta nr da t icnagt erriisnkg, ba we haarve i oo fr ss,oamn ed oi nf ct oh ne ss ei s rt ei snkcsi easnbdept wr i ce ee nt hCeRmA as .c Hc oorwd ei nvgelry, , i snuvcehs taosr ss edcou sr ei teymd et os i gbne fuancdt oe rr sl y ai nngd c da ui f sf ee rfeonrctehse sbee tswh oe er tnc ormi s ki n gr es tienn tt hi oens emc ue trhi toi zdast. i oTnh em ma roksett ii ms tphoer wt a anyt in which the rating market is structured (i.e., the ‘issuer pays’ business model) awnedppr aorvtisd oe f stehvee rr ea gl uc ol ant correyt ef r sa umgegwe sot ri ok nt sh aotns he eo mw st ou bi mo pptri omvael . t Ihne tchuer nr eenx tt sme ac rt ikoent structure and regulation.
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