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Ratings shopping and asset complexity: A theory of ratings inflation

✍ Scribed by Vasiliki Skreta; Laura Veldkamp

Book ID
113726022
Publisher
Elsevier Science
Year
2009
Tongue
English
Weight
332 KB
Volume
56
Category
Article
ISSN
0304-3932

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A market with many traders clears at a single price. The intuition that such a market can be modeled as a multiple access channel with many source inputs and a single output is confirmed and supported by single stock trading data. If all stocks in an exchange with a price index are so traded, then t