Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-backed Securities
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We examine whether rating agencies (Moody's, S&P, and Fitch) reward large issuers of mortgage-backed securities, who bring substantial business, by granting them unduly favorable ratings. The initial yield on both AAA-rated and non-AAA rated tranches sold by large issuers is higher than that on
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美国国家经济研究局创建时间：
2011-07-01
