We empirically investigate the benefits of multiple ratings not only at issuance of debt
instruments but also during the subsequent monitoring phase. Using a record of monthly credit …

As observed throughout the financial crisis in 2008, credit default swaps (CDSs) are exposed
not only to the credit risk of the underlying reference entity but also to the counterparty risk …

We employ a unique dataset of credit assessments for 3,756 small businesses by nine
banks using an identical rating model to examine (i) to what extent loan officers use their …

When examining the role of finance in entrepreneurial business start-ups, it is important to
keep in mind the following firm characteristics. First, information asymmetries between firm-…

We analyze whether information asymmetry between issuers and investors leads to rating
model arbitrage in Collateralized Debt Obligation markets. Rating model arbitrage is defined …

Small and medium-sized enterprises are a centrepiece of Europe?s economy. Due to their
limited size and their generally lower creditworthiness, their access to financial market …

The allocation of authority affects the communication of information about clients within banks.
We document that in small business lending internal control leads loan officers to propose …

We compare liquidity patterns of 10,979 failed and non‐failed US banks from 2001 to mid‐2010
and detect diverging capital structures: failing banks distinctively change their liquidity …

This paper analyses the impact of ICT on the value creation system of loans and its respective
business models and focuses on credit risk management of commercial banks. Whereas …

Based on an empirical analysis of European corporations, we investigate the impact of
sovereign risk on the pricing of corporate credit risk. In our paper, we show that sovereign credit …