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dc.contributor.authorFasten, Erik R.en
dc.contributor.authorHofmann, Dirken
dc.date.accessioned2010-04-16-
dc.date.accessioned2010-08-26T11:56:58Z-
dc.date.available2010-08-26T11:56:58Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/39306-
dc.description.abstractCertifiers contribute to the sound functioning of markets by reducing asymmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If the seller demands a rating, the certifier announces the product quality publicly, whereas if the buyer requests a rating it remains his private information. The model shows that the certifier offers his service to sellers and buyers to maximize his own profit with a higher share from the sellers. Overall, certifiers increase welfare in specific markets. Revenue shifts due to the financial crisis are also explained.en
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2010,007en
dc.subject.jelG14en
dc.subject.jelG24en
dc.subject.jelL15en
dc.subject.jelD82en
dc.subject.ddc330en
dc.subject.keywordCertificationen
dc.subject.keywordRating Agenciesen
dc.subject.keywordAsymmetric Informationen
dc.subject.keywordFinancial Marketsen
dc.subject.stwRatingagenturen
dc.subject.stwFinanzdienstleistungen
dc.subject.stwKreditwürdigkeiten
dc.subject.stwAsymmetrische Informationen
dc.subject.stwMonopolen
dc.subject.stwLieferanten-Kunden-Beziehungen
dc.subject.stwWohlfahrtseffekten
dc.titleTwo-sided certification: The market for rating agencies-
dc.type|aWorking Paperen
dc.identifier.ppn623836602en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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