287 credit ratings may be influenced by competition among CRAs, and particularly tf ahcet oc or mt op et at ikt ieo ni nbt oe t awceceonu nt ht ei sr etlhaat itv real yt i nn eg ws haonpdpmi nogr eb ei nhcauvmi obr eonft iosns ue se.r As ni so tshtei lrl influencing the quality of ratings, especially for securities with a complex design. Fwuhret nh e or mn eo rien, t et hr pe rseitzse tohf et hqeu ai sl si tuye ro fs eae mc rse dt oi t mr aa tt ti ne rg . a Fn idn as lhl yo, u il nd vbe es t oc or sn ssi dh eo ruel dd il edveeall l yo fpcerref do ri tmo rt hper oi rt eocwt ino nr i sokf as es sc eusrsi tmi eesn, ta tsosdoemt eer mC Ri nAes tmh ei grhi ts knsortehl aatveed (tfou ltlhye) incorporated this in their credit rating. 7.3.3 Benefits for academic literature Our contribution to academic literature is manyfold and, to the best of our knowledge, we are the first to provide these insights. We are frontrunners in comparing investors in the US and EU CLO market with respect to the extent to which they rely on credit ratings in pricing securities. We are also the first to test tdhi sec rl oe sl aetdi o. nN eb xe tt ,wwe ee netxhpel ocroemtphlee xi imt yp oa cf ta oCfL iOn cdreesai sgenda nc odmt hpee tni tui omnb ei nr oaf mr aat irnkgest targeted heavily by regulation (RMBS market), where smaller CRAs have gained sf iirgsnt i ftioc alni nt kp ri no m- c oi nuennt cr ey adfitfef er rtehnec ge lso bi na l cfri enda int oc ira lpcrroitsei sc .t iFounr trheel ar mt e do r teo, wt heea rc er etdhiet ratings attached to a security. Finally, we are the first to assess the impact of four different risk retention methods in the European RMBS market. With that, our studies contribute to a growing body of literature on: credit ratings as tnadn dc raer dd ist s( ps er ee ,a des. g(. ,e .Ag .l,pM, a2r0q1u3e; s C&a fPairnetlol i, , 22002200; )Y, acnogmept laelx. ,i t2y0 2o 0f )s, ec cr ue dr iitti zr aa tt ii on ng tr raat innsga cqt ui oanl ist y( s e(es ,eee. ,g e. , . Fg u. , rBf iandeo, e2 r0 1e 4t ;aSl .k, r2e0t a1 9&; VBeal gd hk aa im&p , B2e0c0k9e)r,, c2o0m1 p9 e; tBi toi ol tno na nedt al., 2012; Zhou et al., 2017), creditor rights (see, e.g., Bae & Goyal, 2009; Qian & Chapter 7 - General Discussion and Conclusion
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