We show that sovereign debt impairments can have a significant effect on financial markets
and real economies through a credit ratings channel. Specifically, we find that firms reduce …

Predictions about people, such as their expected educational achievement or their credit
risk, can be performative and shape the outcome that they are designed to predict …

This paper develops a theoretical framework to shed light on variation in credit rating
standards over time and across asset classes. Ratings issued by credit rating agencies …

This paper studies the interaction between default and liquidity for corporate bonds that are
traded in an over‐the‐counter secondary market with search frictions. Bargaining with …

We show that municipalities' financial constraints can have a significant impact on local
employment and growth. We identify these effects by exploiting exogenous upgrades in US …

As supply chain channels physical, financial, and information flows as well as associated
risks, a firm's supply chain information should be helpful in understanding and predicting its …

We compare the stability and timeliness of credit ratings produced by a traditional issuer-
paid rating agency (Moody's Investors Service) and a subscriber-paid rater (Rapid Ratings) …

Credit analysts often leave rating agencies to work at firms they rate. We use benchmark
rating agencies as counterfactuals to measure rating inflation in a difference-in-differences …

This paper examines the quality of credit ratings assigned to banks by the three largest
rating agencies. We interpret credit ratings as relative assessments of creditworthiness, and …

I examine whether rating agencies cater to borrowers with rating-based performance-priced
loan contracts (PPrating firms). I use data from Moody׳ s Financial Metrics on its quantitative …