Tiebreaker: Certification and Multiple Credit Ratings
研究了信用评级机构在公司债券市场中的经济角色，通过分析评级构成、违约预测和信用利差变化，发现多重评级主要源于监管认证需求，而非提供额外信用信息。
ABSTRACT This paper explores the economic role credit rating agencies play in the corporate bond market. We consider three existing theories about multiple ratings: information production, rating shopping, and regulatory certification. Using differences in rating composition, default prediction, and credit spread changes, our evidence only supports regulatory certification. Marginal, additional credit ratings are more likely to occur because of, and seem to matter primarily for, regulatory purposes. They do not seem to provide significant additional information related to credit quality.