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Cited by 940

The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.

The Credit Ratings Game

Open access
BOLTON, PATRICK, FREIXAS, XAVIER, SHAPIRO, JOEL·2012·The Journal of Finance
DOI 10.1111/j.1540-6261.2011.01708.x
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Abstract

The collapse of AAA‐rated structured finance products in 2007 to 2008 has brought renewed attention to conflicts of interest in credit rating agencies (CRAs). We model competition among CRAs with three sources of conflicts: (1) CRAs conflict of understating risk to attract business, (2) issuers' ability to purchase only the most favorable ratings, and (3) the trusting nature of some investor clienteles. These conflicts create two distortions. First, competition can reduce efficiency, as it facilitates ratings shopping. Second, ratings are more likely to be inflated during booms and when investors are more trusting. We also discuss efficiency‐enhancing regulatory interventions.

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Crossref · 10.1111/j.1540-6261.2011.01708.x

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Metadata

Authors
BOLTON, P., FREIXAS, X., & SHAPIRO, J.
Venue
The Journal of Finance
Publisher
Wiley
Published
2012-01-17
Volume
67
Issue
1
Pages
85-111
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2011.01708.x
OpenAlex
W2893296773
Cited by
940
References
33
FWCI
87.40
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Credit Ratings Game. https://app.cochat.ai/papers/10.1111/j.1540-6261.2011.01708.x
The paper
BOLTON, P., FREIXAS, X., & SHAPIRO, J. (2012). The Credit Ratings Game. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2011.01708.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.