Contracting on Credit Ratings: Adding Value to Public Information

Christine Parlour , Uday Rajan   Dec 28,2016

Working Paper No.00012-00

We provide a novel interpretation of the role of credit ratings when contracts between investors and portfolio managers are incomplete.... Read More

Credit Ratings: Strategic Issuer Disclosure and Optimal Screening

Jonathan Cohn , Günter Strobl Uday Rajan   Dec 28,2016

Working Paper No.00003-00

We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More