296 mt r aant tcehress i. nF itnhael ldy,e ct hi sei orne souf l ti ss s suheor sw t ot hraet pionrvte os tnoer so rv at rwyo i nc r et hdei ti rr ar et iqnugisr ef do r yCi eLlOd based on CRA risk assessments. For tranches rated by S&P, investors do not significantly rely on the additional information content of a rating by Moody’s in their pricing. We conclude that there is credit rating risk for investors as the credit rating might not fully or accurately reflect the actual credit risk. Chapter 4: Intensified competition and the impact on credit ratings in the RMBS market In Chapter 4, we investigate the extent to which competition between large as tnadn ds ma radl sl . CWReAasnha al ysz ae nt hi emcpoamc tp oe tni t ti ho ne bq eutawl i et ye no Cf Rc rAesdi int trhaet irnegssi daenndt i ca rl emdoi tr trgaat igneg- bt haactk eb do t she sc mu rai tl li easn (dRlMa rBg Se ) CmR Aa rskaedt j fuosrt tthhee i pr ecrrieoddi t 2r0a1t i7n-g2s0 b2 a0s. eTdh oe nr ec souml tps est hi t oi vwe pressures of their peers. In this study, we use DBRS and KBRA as representatives oa lf s somsahl lo CwRs Atsh aa nt dwMh eo no dcyo’ sm, Sp &e tPi ,t iavne d pFriet cs hs uar se t ihnec rl ae rags ee ,s g, l bo ob tahl Cl aRrAgse. Ta hn ids ss tmu da lyl CRAs tend to adjust their rating standards. Finally, the results reveal that small CRAs (especially KBRA) tend to inflate their ratings, on average, when dealing wu ni tdhe rml yoi rneg pcor ewdei rt f ruils iks sf au cetrosr. sT wh ehseen r ea ss us ilgt sn ii nn gd iac actree dt hi ta tr aCtRi nAgs tnooRt Mo nBl Sy tcroannsci hd ee sr but also use ratings to expand market share and revenue. Chapter 5: The impact of creditor protection in US states on the RMBS market In Chapter 5, we investigate the extent to which CRAs provide consistent and rUeSl i Sa tbal tee sc.r We dei tu rs ae t di nagt sa og ni v eRnM tBhSe t rdai fnf ce hr ee ns tt hl ea vt eal rse oof r icgriendaitteodr apnrdo tseocltdi oi nn tahcer oUs Ss market between 2017-2020. The results show that Moody’s and DBRS report
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