80 H1: Deals that are more complex have a higher likelihood to have been shopped and report only one rating. Ac al tt ee rr ni nagt iivseml yo, rwe hl iekne l yt ht oe rhea vi se ba e he ni gtha kdeengpr el aec eo,fa sa garregeume de nb yt Ba me cokne gr aCnRdAMs ,i l br aotui nr ng (c 2o 0m1p1e)t iat ni vde Bporlet so snu er et abl y. ( 2a s0s1i g2 n) :i nt hg e al ehsisg hf aevro rr aa bt i lneg C bReAy omnady thhaevi er rr ea st ipnogn dmeodd teol teox acmo mi n pe ewt eh ewt hi tehr tchoemopt lheexri t ya gienn tchye’ s dme soi rgen foafv oCrLaObsl ei ni nc ri teiaasl ersa tt ihneg .l i Wk eel i hs oe eo kd toof rating catering. H1A: Deals that are more complex have a higher likelihood to have been catered and report two credit ratings that are the same. Emxot setn df ai vnog r at hbel es er ai nt itnugi t iior rness, preact ti ni vge lsyh oo pf pt he er s CcRaAn tbhea th yppr oo vt hi de es idz et dh et or astei nl egc. t I nt h ae dt ou ohpa vo el y awsittrho nl agr gr ee pmu at ar tkieotn s wh ai trhe si nbvye sbtootrhs . MCooonds ye ’qsuaenndt l yS, &wPe, eeaxcphe Cc tR tAh ei s i sl iskueel yr to select the most favorable rating irrespective of the specific CRA that assigned the rating. H2: With rating shopping, issuers are indifferent to specific CRAs in their rating selection; they shop only for the most favorable rating. It fo ddi issacgl or es ee mbeont ht br ea tt wi negesn( it. we . o, t chree di si st ureart i no gpst sdtooe sn oe tx issht oapn)d, wt hee ei xs spueec rt ac hloa or gs ee sr dc oi smc rpel pe xa nCcLyObse, t uwnel ee ns st ht he ec rCeRd Ai t sr as tui nc cgus mf obr mt oocr oe mc opme tpi tl ievxe dpe rael ss scuorme sp aarnedd dt oi snpol any- rating catering behavior.
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