The Paradox of Credit Ratings

@inproceedings{Partnoy2001ThePO,
  title={The Paradox of Credit Ratings},
  author={Frank Partnoy},
  year={2001}
}
Credit ratings pose an interesting paradox. On one hand, rating agencies have great market influence and even greater market capitalization. On the other hand, numerous studies suggest credit ratings are of limited informational value. This paradox - continuing prosperity of credit rating agencies in the face of declining informational value of ratings - has generated extensive debate among commentators. In this article, I expand on and update a claim I made in 1999 (some have dubbed it a… CONTINUE READING

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