• An Equilibrium Model of Credit Rating Agencies 

      Holden, Steinar; Natvik, Gisle James; Vigier, Adrien (Working Papers;23/2012, Working paper, 2012)
      We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect investors' choice and, thereby, also issuers' access to funding and default risk. We show that - in equilibrium - the ...