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The Credit Ratings Game

  1. PATRICK BOLTON,
  2. XAVIER FREIXAS,
  3. JOEL SHAPIRO*

Article first published online: 17 JAN 2012

DOI: 10.1111/j.1540-6261.2011.01708.x

Issue

The Journal of Finance

The Journal of Finance

Volume 67, Issue 1, pages 85–111, February 2012

Additional Information

How to Cite

BOLTON, P., FREIXAS, X. and SHAPIRO, J. (2012), The Credit Ratings Game. The Journal of Finance, 67: 85–111. doi: 10.1111/j.1540-6261.2011.01708.x

Author Information

* Bolton is with Columbia University; Freixas is with Universitat Pompeu Fabra; and Shapiro is with University of Oxford. Bolton, Freixas, and Shapiro are also affiliated with CEPR. We thank Adam Ashcraft, Heski Bar-Isaac, Marco Becht, Bo Becker, Itay Goldstein, Doh-Shin Jeon, Jens Josephson, Navin Kartik, Marco Pagano, Ailsa Röell, Francesco Sangiorgi, David Skeie, Chester Spatt, James Vickery, Mungo Wilson, and audiences at AFA 2010, Bank of England, Bergen, BIS, Bocconi, CEPR conference on Transparency, Disclosure and Market Discipline in Banking Regulation, FIRS 2009, Hunter, NBER Workshop on the Economics of Credit Rating Agencies, NBER Securitization Working Group, NY Fed, NYU-Stern, SEC, Tilburg, and UPF for helpful discussions. We also thank the Editor (Cam Harvey), an Associate Editor, and the referee for detailed comments and suggestions. Shapiro gratefully acknowledges financial support from the Spanish government under SEJ2006-09993 and from the Fundacion Ramon Areces. Freixas acknowledges financial support from The Barcelona GSE Research Network and the Generalitat de Catalunya.

Publication History

  1. Issue published online: 17 JAN 2012
  2. Article first published online: 17 JAN 2012

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