Disclosure in Markets for Ratings
研究了评级披露制度对公众信息量的影响，发现自愿披露比强制披露能产生更多信息，暗示欧盟强制披露评级的规定可能减少公众信息。
We study the implications of the disclosure regime of ratings on the level of information released to the public. Specifically, we compare mandatory and voluntary disclosure. We analyze a model where the potential issuers are initially endowed with homogeneous soft information about their values before paying to acquire ratings. We find that for every accuracy level of the issuers’ initial information, voluntary disclosure results in a more informative equilibrium than mandatory disclosure. This finding identifies a dimension in which the existing European Union regulations that impose the mandatory disclosure of ratings may lead to a loss of information to the public.