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Bertrand Candelon, Axel Gautier, Nicolas Petit, Jan 28, 2014
In recent years, the Credit Rating Agencies have been in the eye of the storm. Some argue that CRA rating errors-symptomatized by rating inflation or deflation-originate in excessive competition. This paper argues that the low level of competition in credit rating is a better explanation for rating this phenomenon.
To show this, the present paper is divided in seven sect
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