NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Who Should Pay for Credit Ratings and How?

Anil K. Kashyap, Natalia Kovrijnykh

NBER Working Paper No. 18923
Issued in March 2013, Revised in August 2015

---- Acknowledgments ----

We have benefited from suggestions and comments from the editor, two anonymous referees, Bo Becker, Hector Chade, Simon Gilchrist, Ben Lester, Robert Lucas, Rodolfo Manuelli, Marcus Opp, Chris Phelan, Francesco Sangiorgi, Joel Shapiro, Robert Shimer, Nancy Stokey, and Joel Watson. We are also grateful for comments by seminar participants at ASU, Atlanta Fed, Philadelphia Fed, Purdue University, NYU Stern, University of Arizona, University of Chicago, University of Iowa, University of Oxford, USC, University of Wisconsin{Madison, Washington University in St. Louis, and conference participants of the LAEF Accounting for Accounting in Economics Conference in 2013, Fall 2012 NBER Corporate Finance Meeting, 2013 NBER Summer Institute, 2013 SED Meetings, and 2015 SAET Conference. Kashyap thanks the National Science Foundation, as well as the Initiative on Global Markets and the Center for Research on Security Prices at Chicago Booth for research support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. For information on Kashyap's outside compensated activities see http://faculty.chicagobooth.edu/anil.kashyap/.

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