External audits of AI systems are increasingly recognized as a key mechanism for AI
governance. The effectiveness of an audit, however, depends on the degree of access …

Exploiting the first default of a state-owned enterprise (SOE) in China, we analyze the role of
implicit government guarantees in credit ratings. We consider two causes of implicit …

We explore through both an economics and regulatory lens the frictions associated with
credit rating agencies in the aftermath of the financial crisis. While ratings and other public …

We survey a growing field studying aspects of finance that are potentially illegal, illicit, or
immoral. Some of the literature is investigative in nature to uncover malfeasance that is …

We propose a new model for regulation to achieve AI safety: global regulatory markets. We
first sketch the model in general terms and provide an overview of the costs and benefits of …

Credit risk prediction should maximize a bank's loan profit. This paper performs modified
profit-based logistic regression (MPLR) by constructing an objective function with the …

In this paper, we evaluate the economic value of a blockchain application. In the context of
asset-backed securities (ABS) issuance in China, where some ABS are issued with …

The purpose of this research is to find out the measurement of firm reputation that are still
relevant to represent firm reputation. The measurement that are being tested in this research …

Using a unique hand-collected sample of professional connections between finance
ministers and the top executives of the three largest credit rating agencies (CRAs) for 38 …

We examine whether rating agencies act defensively toward issuers with a higher likelihood
of default. We find that agencies' qualitative soft rating adjustments are more accurate as …