Can Reputation Ensure Efficiency in the Structured Finance Market?
This paper investigates whether the fear of losing its reputation can discipline a credit rating agency (CRA) in the structured finance market, where products are opaque and ratings are unverifiable. The paper has been published in Theoretical Economics Letters and is available at DOI: 10.4236/tel.2017.71006.
Working Paper no. 14-41 has been removed at the request of the journal.