Credit Ratings and Market Information
研究了信用风险市场如何通过价格信号约束评级机构，提高评级准确性，并分析了该机制在道德风险、多家评级机构等情形下的稳健性。
Abstract Accurate credit ratings are important for both investors and regulators. We demonstrate that the market for credit risk provides an important source of discipline for credit rating agencies (CRAs). We examine a model in which a CRA’s rating is followed by a market for credit risk that provides a public signal – the price. More informative trading increases the CRA’s incentives to be accurate by making rating errors more transparent. We show that this source of discipline is (a) robust to moral hazard, multiple CRAs, and connected primary and secondary markets and (b) specific to the market for credit risk.