RT Conference Proceedings
T1 Selection in Unsolicited Ratings: the Case of the Sovereign Debt Market
A1 Gibert, Anna
K1 Crédito
AB This paper aims at contributing to the debate on whether unsolicited ratings are strategically motivated. I present evidence from the sovereign debt market that strategic motivation is not necessarily behind the patterns that we see in the data and propose a model of credit ratings and ancillary services that abstracts from strategic considerations. In my model, borrowers with different unobservable characteristics select themselves into different solicitation groups. In equilibrium, the model can generate either a negative or a positive selection on unsolicited ratings, depending on the share of unsolicited ratings in a given market. The economic mechanism analyzed in this paper implies a "natural" degree of market selection which is not associated to strategic motivation.
YR 2017
FD 2017-07-07
LK http://hdl.handle.net/10630/14155
UL http://hdl.handle.net/10630/14155
LA eng
NO Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech.
DS RIUMA. Repositorio Institucional de la Universidad de Málaga
RD 19 ene 2026