288 S&t rHaahcahne, n2b0e0r7g), ,2a0n2d1t; hMeael ef fkeacnt iv&e nDei os sn noef ,r2i s0k1r4e)t. e n t i o n m e t h o d s ( s e e , e . g . , B e k t i ć 7.4 Limitations and avenues for future research “One thing I have learned in a long life: that all our science, measured against reality, is primitive and childlike -- and yet is the most precious thing we have” – Albert Einstein Nr eov er ea sl eoaprpc ho rsttuundi yt i iess p. Be refleocwt awn de adlils sctuusds i et hs eh al ivme ilti amt ii ot antsi oonf so. Bu ru ts lt iumd ii teast iaonnds ob fut iel nd upon them to suggest avenues for future research. Fs hi rospt ,p itnhge i lsi mt hi at at tti ho ne uonf doeur lry isnt gu di ny t eanntdi o onf opf rai no ri ses mu epri rt ioc aslh ol ipt efroart ucrree doi tn r ar at itni nggs ct ha en nnoutmbbe efru lol yf roabt si ne gr vs etdh a( tC hr aatpi nt egr ss h2o apnpdi n6g) .wWa se lci ak ne l yo nol ry na os st .u Imt embuys tl oboek ni nogt eadt however, that the actual decision of the issuer remains unobservable for all those outside the originator’s company. Academic literature would highly benefit if this information would become available (e.g., via stricter disclosure requirements). Second, in assessing the impact of competition on rating quality (or misleading ca rt eddei tf arualtti nr ga tse) ,s ot no ec omni fgi hr mt atrhgeusee trheastu ol tus r ( Ca nh aa lpytseers 4m) . i gFhotr beexna emf ipt l ef r, ot mh e l or eoskui nl t gs would be even more substantiated if a credit rating labeled as ‘misleading’ would indeed have higher default rates than those not labeled as ‘misleading’. I therefore sa ut gdgeef sa tu lf to rr af tuetsu roev earc at idme me , iuc sri ensge saer cc oh ntdo aer xy pml oarrek teht edsaet ar e. lIant iaodnds iht ii po ns , boyn leo oc ok ui nl dg scrutinize if investors price these risks accordingly.
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