We analyze the effects of institutional cross-ownership of same-industry firms on product
market performance and behavior. Our results show that cross-held firms experience …

We systematically review the recent empirical literature to investigate whether and how
securitization influences bank behaviour and its implication on financial stability. We find …

We develop a rational expectations model in which an issuer purchases credit ratings
sequentially, deciding which to disclose to investors. Opacity about contacts between the …

The seller of an asset has the option to buy hard information about the value of the asset
from an intermediary. The seller can then disclose this information before selling the asset in …

We explore through both an economics and regulatory lens the frictions associated with
credit rating agencies in the aftermath of the financial crisis. While ratings and other public …

We analyze the entry of new credit rating agencies into structured finance products. Our
setting is unique as we study a period in which the incumbents' reputation was extremely …

This article synthesizes the large literature regarding the role of various players in residential
mortgage-backed securities (RMBS) securitization at the center of the 2008–09 US housing …

Investment banks frequently hire analysts from rating agencies. While many argue that this
“revolving door” creates captured analysts, it can also create incentives to improve accuracy …

In this paper, we evaluate the economic value of a blockchain application. In the context of
asset-backed securities (ABS) issuance in China, where some ABS are issued with …

We analyze a reform of insurance companies' capital requirements for mortgage-backed
securities. First, credit ratings were replaced as inputs to capital regulation. Second, the …