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In our recent publication "Losing funds or losing face? Reputation and accountability in the credit rating industry" in the Journal of Economic Dynamics and Control, my coauthors and I investigate the impact of soft versus hard reputation mechanism in issuer-paid ratings. The results show that soft reputation mechanisms, such as the threat of "losing face", can be a crucial component of effective market discipline.
Read more: https://doi.org/10.1016/j.jedc.2022.104520
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