51 whereas for the model for the EU market, in Panel B, we find a higher variation, but at a lower level with R²s ranging from 0.33 to 0.53. This indicates that in the Ut oS rme l ya rmk eotr, er, eagnadr dml eosrse ocfoonusri smt eenat sl yu, roenmcerne tdsi tf or ar tiisnsguse irns di zeet ,eirnmv ei ns it no gr st ha eg af iunn tdei nn dg caonsdt samt ai slsl eurarneclei afnocreCoLnOcsr, et hdai tnrai nt i nt hges Ei nUpmr iac irnkge tCwLOhse.re we s e e a l e s s c o n s i s te n t Wc ohe fefni c iwe ne t cionmbpoat rhe mt haer kneut smi bnePr aonfe sl si gAn iaf inc da nBt , fwa cet osrese bae ys iomn idl atrh pe actrt ee rdni t: ri na tti nh ge Ei nUf r me qaureknett ics rseudeirts r, aa nt i dn gasl ohwa veer iamhpiagchtefro ri ml apr ag cetr oa nn df uf rnedqiunegnct oi ss st uf oe rr ss, mw ha lel reer aasni nd the US market we do not see a substantial difference in impact on the magnitude of the coefficients on the basis of issuers being large or frequent. Chapter 2 - How much do Investors Rely on Credit Ratings
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