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Marcus M. Opp

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Oehmke, Martin & Opp, Marcus, 2025. "Green Capital Requirements," CEPR Discussion Papers 20437, Centre for Economic Policy Research.

    Cited by:

    1. Giovanardi, Francesco & Kaldorf, Matthias, 2026. "Climate change and the macroeconomics of bank capital regulation," Journal of Monetary Economics, Elsevier, vol. 159(C).

  2. Inderst, Roman & Opp, Marcus, 2022. "Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors," CEPR Discussion Papers 17100, Centre for Economic Policy Research.

    Cited by:

    1. Allen,Franklin & Barbalau,Adelina & Zeni,Federica, 2023. "Reducing Carbon using Regulatory and Financial Market Tools," Policy Research Working Paper Series 10539, The World Bank.

  3. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, Centre for Economic Policy Research.

    Cited by:

    1. Grochola, Nicolaus & Browne, Mark Joseph & Gründl, Helmut & Schlütter, Sebastian, 2021. "Exploring the market risk profiles of U.S. and European life insurers," ICIR Working Paper Series 39/21, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).

  4. Opp, Marcus & Oehmke, Martin, 2020. "A theory of socially responsible investment," CEPR Discussion Papers 14351, Centre for Economic Policy Research.

    Cited by:

    1. Meg Adachi-Sato & Hiroshi Osano, 2023. "Sustainable Investing Under Delegated Investment Management," Discussion Paper Series DP2023-01, Research Institute for Economics & Business Administration, Kobe University, revised Nov 2024.
    2. Fricke, Daniel & Meinerding, Christoph, 2024. "Who pays the greenium and why? A decomposition," Discussion Papers 41/2024, Deutsche Bundesbank.
    3. Inderst, Roman & Opp, Markus, 2022. "Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors," EconStor Preprints 253670, ZBW - Leibniz Information Centre for Economics.
    4. Bonnefon, Jean-François & Landier, Augustin & Sastry, Parinitha & Thesmar, David, 2025. "The moral preferences of investors: Experimental evidence," Journal of Financial Economics, Elsevier, vol. 163(C).
    5. Ferreira, Daniel & Nikolowa, Radoslawa, 2025. "Polarization, purpose and profit," LSE Research Online Documents on Economics 128848, London School of Economics and Political Science, LSE Library.
    6. Alvaro Pedraza & Tomas Williams & Federica Zeni, 2026. "Where Firms Retire Carbon Offsets: Operational Footprints and Offset Quality," Working Papers 2026-010, The George Washington University, The Center for Economic Research.
    7. Gillan, Stuart L. & Koch, Andrew & Starks, Laura T., 2021. "Firms and social responsibility: A review of ESG and CSR research in corporate finance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    8. Fioretti, Michele & Saint-Jean, Victor & Smith, Simon C., 2025. "The shared costs of pursuing shareholder values," Working Papers 362, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    9. Pástor, Ľuboš & Stambaugh, Robert F. & Taylor, Lucian A., 2021. "Sustainable investing in equilibrium," Journal of Financial Economics, Elsevier, vol. 142(2), pages 550-571.
    10. Krahnen Jan & Rocholl Jörg & Thum Marcel, 2023. "A Primer on Green Finance: From Wishful Thinking to Marginal Impact," Review of Economics, De Gruyter, vol. 74(1), pages 1-19, April.
    11. Deeksha Gupta & Alexandr Kopytov & Jan Starmans, 2026. "The Pace of Change: Socially Responsible Investing in Private Markets," The Review of Financial Studies, Society for Financial Studies, vol. 39(1), pages 30-78.
    12. Hendrik Hakenes & Eva Schliephake, 2021. "Responsible Investment and Responsible Consumption," ECONtribute Discussion Papers Series 134, University of Bonn and University of Cologne, Germany.
    13. Allen, Franklin & Barbalau, Adelina, 2024. "Security design: A review," Journal of Financial Intermediation, Elsevier, vol. 60(C).
    14. Eleonora Broccardo & Oliver D. Hart & Luigi Zingales, 2020. "Exit vs. Voice," NBER Working Papers 27710, National Bureau of Economic Research, Inc.
    15. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2023. "Four Facts About Esg Beliefs And Investor Portfolios," SocArXiv dcb93, Center for Open Science.
    16. Tea Gamtkitsulashvili & Alexander Plekhanov & Alexander Stepanov, 2024. "Killing two birds with one stone? Sound investment with social impact," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 32(2), pages 617-640, April.
    17. Bunderson, Stuart & Thakor, Anjan V., 2022. "Higher purpose, banking and stability," Journal of Banking & Finance, Elsevier, vol. 140(C).
    18. Heider, Florian & Inderst, Roman, 2022. "A corporate finance perspective on environmental policy," SAFE Working Paper Series 345, Leibniz Institute for Financial Research SAFE.
    19. Auzepy, Alix & Bannier, Christina E. & Gärtner, Florian, 2024. "Looking beyond ESG preferences: The role of sustainable finance literacy in sustainable investing," CFS Working Paper Series 719, Center for Financial Studies (CFS).
    20. Ekaterina O. Vostrikova & Anna P. Meshkova, 2020. "ESG Criteria in Investment: Foreign and Russian Experience," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 117-129, August.
    21. Sebastien Pouget & Christian Gollier, 2021. "Investment Strategies and Corporate Behaviour with Socially Responsible Investors: A Theory of Active Ownership," Working Papers 2021.15, FAERE - French Association of Environmental and Resource Economists.
    22. Döttling, Robin & Rola-Janicka, Magdalena, 2025. "Too Levered for Pigou: Carbon pricing, financial constraints, and leverage regulation," Journal of Financial Economics, Elsevier, vol. 172(C).
    23. Berg, Florian & Ceccarelli, Marco & Heeb, Florian & Ivashchenko, Alexey & Rigobón, Roberto & Zwinkels, Remco C. J., 2025. "The market for voluntary carbon offsets," SAFE Working Paper Series 462, Leibniz Institute for Financial Research SAFE.
    24. Ferreira, Daniel & Nikolowa, Radoslawa, 2025. "Polarization, purpose and profit," Journal of Financial Economics, Elsevier, vol. 172(C).
    25. Hu, Duni & Wang, Hailong, 2026. "An equilibrium asset pricing model with heterogeneous beliefs about climate risks," International Review of Financial Analysis, Elsevier, vol. 109(C).
    26. Cui, Rongyu & Li, Xiang, 2025. "Geopolitical tensions and multinational brands: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PE).
    27. Tan, Xiujie & Dong, Hanmin & Liu, Yishuang & Su, Xin & Li, Zixian, 2022. "Green bonds and corporate performance: A potential way to achieve green recovery," Renewable Energy, Elsevier, vol. 200(C), pages 59-68.
    28. Ilaria Piatti & Joel Shapiro & Xuan Wang, 2023. "Sustainable Investing and Public Goods Provision," Working Papers 969, Queen Mary University of London, School of Economics and Finance.
    29. Accetturo, Antonio & Barboni, Giorgia & Cascarano, Michele & Garcia-Appendini, Emilia & Tomasi, Marco, 2022. "Credit supply and green Investments," CAGE Online Working Paper Series 615, Competitive Advantage in the Global Economy (CAGE).
    30. Pedersen, Lasse Heje & Fitzgibbons, Shaun & Pomorski, Lukasz, 2021. "Responsible investing: The ESG-efficient frontier," Journal of Financial Economics, Elsevier, vol. 142(2), pages 572-597.
    31. Panos Xidonas & Eric Essner, 2024. "On ESG Portfolio Construction: A Multi-Objective Optimization Approach," Computational Economics, Springer;Society for Computational Economics, vol. 63(1), pages 21-45, January.
    32. Olivier David Zerbib, 2022. "A Sustainable Capital Asset Pricing Model (S-CAPM): Evidence from Environmental Integration and Sin Stock Exclusion [Asset pricing with liquidity risk]," Review of Finance, European Finance Association, vol. 26(6), pages 1345-1388.
    33. Sachdeva, Kunal & Silva, André F. & Slutzky, Pablo & Xu, Billy Y., 2025. "Defunding controversial industries: Can targeted credit rationing choke firms?," Journal of Financial Economics, Elsevier, vol. 172(C).
    34. Hakenes, Hendrik & Schliephake, Eva, 2022. "Responsible Investment and Responsible Consumption," VfS Annual Conference 2022 (Basel): Big Data in Economics 264004, Verein für Socialpolitik / German Economic Association.
    35. Liu, Xufeng & Wan, Die, 2023. "Retail investor trading and ESG pricing in China," Research in International Business and Finance, Elsevier, vol. 65(C).
    36. Olaf Stotz, 2021. "Expected and realized returns on stocks with high- and low-ESG exposure," Journal of Asset Management, Palgrave Macmillan, vol. 22(2), pages 133-150, March.
    37. Meg Adachi-Sato, 2021. "Contract Duration and Socially Responsible Investment," Discussion Paper Series DP2021-14, Research Institute for Economics & Business Administration, Kobe University.
    38. Meg Adachi-Sato, 2021. "Socially Responsible Investment: Ex-ante Contracting or Ex-post Bargaining?," Discussion Paper Series DP2021-20, Research Institute for Economics & Business Administration, Kobe University, revised Feb 2023.
    39. Heeb, Florian & Kölbel, Julian & Weder, Camilla, 2025. "Beliefs about the climate impact of green investing," SAFE Working Paper Series 463, Leibniz Institute for Financial Research SAFE.
    40. Kim, Sehoon & Kumar, Nitish & Lee, Jongsub & Oh, Junho, 2025. "ESG lending," Journal of Financial Economics, Elsevier, vol. 173(C).
    41. Green, Daniel & Vallee, Boris, 2025. "Measurement and effects of bank exit policies," Journal of Financial Economics, Elsevier, vol. 172(C).
    42. Steven D. Baker & Burton Hollifield & Emilio Osambela, 2022. "Asset Prices and Portfolios with Externalities [Pricedetermination in the EU ETS market: theory and econometric analysis with market fundamentals]," Review of Finance, European Finance Association, vol. 26(6), pages 1433-1468.
    43. Bustamante, Maria Cecilia & Zucchi, Francesca, 2024. "Dynamic carbon emission management," Working Paper Series 2885, European Central Bank.

  5. Opp, Marcus & Harris, Milton & Opp, Christian, 2020. "The aggregate demand for bank capital," CEPR Discussion Papers 14524, Centre for Economic Policy Research.

    Cited by:

    1. Ahnert, Toni & Anand, Kartik & König, Philipp Johann, 2022. "Real interest rates, bank borrowing, and fragility," Discussion Papers 48/2022, Deutsche Bundesbank.
    2. Bonaccorsi di Patti, Emilia & Moscatelli, Mirko & Pietrosanti, Stefano, 2023. "The impact of bank regulation on the cost of credit: Evidence from a discontinuity in capital requirements," Journal of Financial Intermediation, Elsevier, vol. 55(C).
    3. Favara, Giovanni & Ivanov, Ivan & Rezende, Marcelo, 2021. "GSIB surcharges and bank lending: Evidence from US corporate loan data," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1426-1443.
    4. Florian Hoffmann & Roman Inderst & Marcus Opp, 2022. "The Economics of Deferral and Clawback Requirements," Journal of Finance, American Finance Association, vol. 77(4), pages 2423-2470, August.
    5. Viral V. Acharya & Katharina Bergant & Matteo Crosignani & Tim Eisert & Fergal Mccann, 2022. "The Anatomy of the Transmission of Macroprudential Policies," Journal of Finance, American Finance Association, vol. 77(5), pages 2533-2575, October.

  6. Opp, Marcus & Hoffmann, Florian & Inderst, Roman, 2020. "The economics of deferral and clawback requirements," CEPR Discussion Papers 15081, Centre for Economic Policy Research.

    Cited by:

    1. Stefano Colonnello & Giuliano Curatola & Shuo Xia, 2024. "When Does Linking Pay to Default Reduce Bank Risk?," Working Papers 2024: 07, Department of Economics, University of Venice "Ca' Foscari".
    2. Starmans, Jan, 2024. "Contracting and search with heterogeneous principals and agents," Journal of Economic Theory, Elsevier, vol. 217(C).

  7. Inderst, Roman & Opp, Marcus, 2019. "Only time will tell: A theory of deferred compensation," CEPR Discussion Papers 13643, Centre for Economic Policy Research.

    Cited by:

    1. George Georgiadis & Balazs Szentes, 2020. "Optimal Monitoring Design," Econometrica, Econometric Society, vol. 88(5), pages 2075-2107, September.
    2. Mayer, Simon, 2022. "Financing breakthroughs under failure risk," Journal of Financial Economics, Elsevier, vol. 144(3), pages 807-848.
    3. Häfner, Samuel & Haeusle, Niklas & Koeniger, Winfried & Braun, Alexander, 2024. "Optimal Compensation in Competitive Labor Markets with Heterogeneous Employers and Workers," IZA Discussion Papers 17449, IZA Network @ LISER.
    4. Orlov, Dmitry, 2022. "Frequent monitoring in dynamic contracts," Journal of Economic Theory, Elsevier, vol. 206(C).
    5. McClellan, Andrew, 2025. "The dynamics of project standards," Journal of Economic Theory, Elsevier, vol. 224(C).
    6. Daniel Bird & Alexander Frug, 2025. "A theory of front-line management," Economics Working Papers 1929, Department of Economics and Business, Universitat Pompeu Fabra.
    7. Jun Honda & Roman Inderst & Marco Ottaviani, 2024. "When Liability Is Not Enough: Regulating Bonus Payments in Markets with Advice," Management Science, INFORMS, vol. 70(2), pages 1301-1314, February.
    8. Guillermo Alonso Alvarez & Ibrahim Ekren & Liwei Huang, 2025. "Contracting with discretionary bonuses," Papers 2511.23424, arXiv.org.
    9. Liu, Wenyue & Cadenillas, Abel, 2023. "Optimal insurance contracts for a shot-noise Cox claim process and persistent insured's actions," Insurance: Mathematics and Economics, Elsevier, vol. 109(C), pages 69-93.
    10. Stefano Colonnello & Giuliano Curatola & Shuo Xia, 2024. "When Does Linking Pay to Default Reduce Bank Risk?," Working Papers 2024: 07, Department of Economics, University of Venice "Ca' Foscari".
    11. Niu, Yingjie & Zou, Zhentao, 2024. "Robust dynamic contracts with multiple agents," Games and Economic Behavior, Elsevier, vol. 148(C), pages 196-217.
    12. Sugaya, Takuo & Wolitzky, Alexander, 0. "Repeated games with many players," Theoretical Economics, Econometric Society.

  8. Inderst, Roman & Hoffmann, Florian & Opp, Marcus, 2014. "Regulating Deferred Incentive Pay," CEPR Discussion Papers 9877, Centre for Economic Policy Research.

    Cited by:

    1. Julian Kolm & Christian Laux & Gyöngyi Lóránth, 2017. "Bank Regulation, CEO Compensation, and Boards," Review of Finance, European Finance Association, vol. 21(5), pages 1901-1932.
    2. Meg Adachi‐Sato, 2018. "Stock vesting conditions, control benefits and managerial replacement," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(1), pages 275-313, February.
    3. Alessandro Fedele & Luca Panaccione, 2020. "Moral hazard and compensation packages: does reshuffling matter?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(1), pages 223-241, July.
    4. Hori, Keiichi & Osano, Hiroshi, 2020. "Dynamic contract and discretionary termination policy under loss aversion," Journal of Economic Dynamics and Control, Elsevier, vol. 111(C).
    5. Taylor, John B. & Wieland, Volker, 2016. "Finding the equilibrium real interest rate in a fog of policy deviations," IMFS Working Paper Series 103, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    6. Roman Inderst & Marcus Opp & Florian Hoffmann, 2016. "Deferred compensation and risk-taking incentives," 2016 Meeting Papers 674, Society for Economic Dynamics.

  9. Bo Becker & Marcus Opp, 2013. "Regulatory reform and risk-taking: replacing ratings," NBER Working Papers 19257, National Bureau of Economic Research, Inc.

    Cited by:

    1. Michelle L. Barnes, 2016. "Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009?," Working Papers 16-24, Federal Reserve Bank of Boston.
    2. Joseph Briggs & Christopher Tonetti, 2019. "Risky Insurance: Insurance Portfolio Choice with Incomplete Markets," 2019 Meeting Papers 1388, Society for Economic Dynamics.
    3. Hu, Xiaolu & Huang, Haozhi & Pan, Zheyao & Shi, Jing, 2019. "Information asymmetry and credit rating: A quasi-natural experiment from China," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 132-152.
    4. Ralph S.J. Koijen & Motohiro Yogo, 2017. "Risk of Life Insurers: Recent Trends and Transmission Mechanisms," NBER Working Papers 23365, National Bureau of Economic Research, Inc.
    5. David P. Glancy & John Krainer & Robert J. Kurtzman & Joseph B. Nichols, 2019. "Intermediary Segmentation in the Commercial Real Estate Market," Finance and Economics Discussion Series 2019-079, Board of Governors of the Federal Reserve System (U.S.).
    6. Bo Becker & Marcus M Opp & Farzad Saidi, 2022. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5438-5482.
    7. Puriya Abbassi & Rajkamal Iyer & José-Luis Peydró & Paul E. Soto, 2020. "Stressed banks? Evidence from the largest-ever supervisory review," Economics Working Papers 1721, Department of Economics and Business, Universitat Pompeu Fabra.
    8. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, Centre for Economic Policy Research.
    9. Opp, Marcus & Harris, Milton & Opp, Christian, 2020. "The aggregate demand for bank capital," CEPR Discussion Papers 14524, Centre for Economic Policy Research.
    10. Goel, Anand M. & Thakor, Anjan V., 2015. "Information reliability and welfare: A theory of coarse credit ratings," Journal of Financial Economics, Elsevier, vol. 115(3), pages 541-557.

  10. Ulrike Malmendier & Marcus Matthias Opp & Farzad Saidi, 2012. "Target Revaluation after Failed Takeover Attempts – Cash versus Stock," NBER Working Papers 18211, National Bureau of Economic Research, Inc.

    Cited by:

    1. Lee, Sangwon, 2022. "The value of official business group affiliation: Evidence from a change in Korean chaebol designation policy," Emerging Markets Review, Elsevier, vol. 52(C).
    2. Daniel L. Gamache & Cynthia E. Devers & Felice B. Klein & Timothy Hannigan, 2023. "Shifting perspectives: How scrutiny shapes the relationship between CEO gender and acquisition activity," Strategic Management Journal, Wiley Blackwell, vol. 44(12), pages 3012-3041, December.
    3. Eliezer Fich & Viktoriya Lantushenko & Clemens Sialm, 2019. "Institutional Trading Around M&A Announcements," NBER Working Papers 25814, National Bureau of Economic Research, Inc.
    4. Martin Bugeja & Yaowen Shan & Yanglan Zu, 2024. "The disciplinary role of unsuccessful takeovers and changes in corporate governance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 941-973, March.
    5. Christian Bittner & Falko Fecht & Melissa Pala & Farzad Saidi, 2024. "Strategic Communication Among Banks," CRC TR 224 Discussion Paper Series crctr224_2024_587, University of Bonn and University of Mannheim, Germany.
    6. Campbell, Robert J. & Limbach, Peter & Reusche, Johannes, 2022. "Once bitten, twice shy: Failed deals and subsequent M&A cautiousness," CFR Working Papers 22-09, University of Cologne, Centre for Financial Research (CFR).
    7. Bittner, Christian & Fecht, Falko & Pala, Melissa & Saidi, Farzad, 2022. "Information transmission between banks and the market for corporate control," Discussion Papers 29/2022, Deutsche Bundesbank.
    8. Kiesel, F., 2017. "Creditwatches and their impact on financial markets," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 84852, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    9. Reyes, Tomas, 2018. "Limited attention and M&A announcements," Journal of Empirical Finance, Elsevier, vol. 49(C), pages 201-222.
    10. Gerritsen, Dirk F. & Weitzel, Utz, 2017. "Security analyst target prices as reference point and takeover completion," Journal of Behavioral and Experimental Finance, Elsevier, vol. 15(C), pages 1-14.
    11. Li, Di & Taylor, Lucian A. & Wang, Wenyu, 2018. "Inefficiencies and externalities from opportunistic acquirers," Journal of Financial Economics, Elsevier, vol. 130(2), pages 265-290.
    12. Eliezer M. Fich & Laura T. Starks & Anh L. Tran, 2025. "Target Firm Advertising and Firm Value," Management Science, INFORMS, vol. 71(2), pages 1438-1463, February.
    13. Vicente Cuñat & Mireia Giné & Maria Guadalupe, 2020. "Price and Probability: Decomposing the Takeover Effects of Anti‐Takeover Provisions," Journal of Finance, American Finance Association, vol. 75(5), pages 2591-2629, October.
    14. Michael Klitzka & Jianan He & Dirk Schiereck, 2022. "The rationality of M&A targets in the choice of payment methods," Review of Managerial Science, Springer, vol. 16(4), pages 933-967, May.
    15. Jun “QJ” Qian & Julie Lei Zhu, 2018. "Return to Invested Capital and the Performance of Mergers and Acquisitions," Management Science, INFORMS, vol. 64(10), pages 4818-4834, October.
    16. Shaojie Lai & Xiaoling Pu & Qing (Sophie) Wang & Jianing Zhang, 2023. "Reference prices and withdrawn acquisitions," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4365-4384, October.
    17. Carolina Salva & Xiqian Zhang, 2022. "Financial versus strategic bidders and underpricing as an acquisition motive," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1830-1862, October.
    18. Yue Liu, 2019. "Shareholder wealth effects of M&A withdrawals," Review of Quantitative Finance and Accounting, Springer, vol. 52(3), pages 681-716, April.
    19. Mark Mietzner, 2017. "Why do firms decide to stop their share repurchase programs?," Review of Managerial Science, Springer, vol. 11(4), pages 815-855, October.
    20. Magnus Blomkvist & Timo Korkeamäki, 2017. "Financial versus strategic bidders: Evidence from unsuccessful takeover bids," Post-Print hal-01578935, HAL.
    21. Guosong Xu, 2024. "News Bias in Financial Journalists’ Social Networks," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 62(4), pages 1145-1182, September.
    22. Boyson, Nicole M. & Gantchev, Nickolay & Shivdasani, Anil, 2017. "Activism mergers," Journal of Financial Economics, Elsevier, vol. 126(1), pages 54-73.
    23. Zha Giedt, Jenny, 2017. "Why Do Firms Sell Out? Separating Targets’ Motives from Bidders’ Selection of Targets in M&A," MPRA Paper 81014, University Library of Munich, Germany, revised 23 Aug 2017.
    24. He, Jianan, 2022. "Factors explaining capital market reactions during corporate, sovereign, and pandemic events," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 134150, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    25. Daher, Mai M. & Ismail, Ahmad K., 2018. "Debt covenants and corporate acquisitions," Journal of Corporate Finance, Elsevier, vol. 53(C), pages 174-201.
    26. Liu, Shujie & Sualihu, Mohammed Aminu & Sun, Mingwei & Yawson, Alfred, 2024. "Exploring the acquisition behavior of penny stock firms," The British Accounting Review, Elsevier, vol. 56(6).
    27. Ma, Wenting & Ouimet, Paige & Simintzi, Elena, 2025. "Mergers and acquisitions, technological change, and inequality," Journal of Financial Economics, Elsevier, vol. 172(C).
    28. Jian Huang & Han Yu & Zhen Zhang, 2023. "External vs. In-House Advising Service: Evidence from the Financial Industry Acquisitions," JRFM, MDPI, vol. 16(2), pages 1-21, January.
    29. Derrien, François & Frésard, Laurent & Slabik, Victoria & Valta, Philip, 2023. "Industry asset revaluations around public and private acquisitions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 243-269.
    30. Kang, Hyung Cheol & Lee, Sangwon, 2024. "SPACs and the COVID-19 pandemic: Evidence from Korea," Research in International Business and Finance, Elsevier, vol. 72(PB).
    31. Even-Tov, Omri & Lourie, Ben & Nekrasov, Alex & Zeng, Jean (Jieyin), 2024. "Failed acquisition offers: The impact of failure reasons on target valuation," Finance Research Letters, Elsevier, vol. 63(C).
    32. Blomkvist, Magnus & Felixson, Karl & Löflund, Anders & Vyas, Hitesh, 2022. "Strategic underleveraging and acquisitions," Journal of Corporate Finance, Elsevier, vol. 76(C).
    33. Blomkvist, Magnus & Korkeamäki, Timo, 2017. "Financial versus strategic bidders: Evidence from unsuccessful takeover bids," Economics Letters, Elsevier, vol. 159(C), pages 142-144.
    34. Fidrmuc, Jana P. & Roosenboom, Peter & Zhang, Eden Quxian, 2018. "Antitrust merger review costs and acquirer lobbying," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 72-97.
    35. Frederick Dongchuhl Oh & Junghum Park, 2022. "Managerial incentives and the medium of exchange in takeovers," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 4077-4086, December.
    36. Li, Yuanzhi, 2018. "Dissecting bidder security returns on payment methods," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 207-220.
    37. Ruichen Ma, 2023. "The sustainable development trend in environmental, social, and governance issues and stakeholder engagement: Evidence from mergers and acquisitions in China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 3159-3173, November.
    38. Davidson Heath & Mark Mitchell, 2023. "Market Returns and Interim Risk in Mergers," Management Science, INFORMS, vol. 69(1), pages 617-635, January.
    39. Levit, Doron, 2017. "Advising shareholders in takeovers," Journal of Financial Economics, Elsevier, vol. 126(3), pages 614-634.
    40. Hyun Jung Rim & Jenny Zha Giedt, 2026. "Mistaking bad news for good news: investor optimism and mispricing of strategic alternatives announcements," Review of Accounting Studies, Springer, vol. 31(1), pages 167-209, March.
    41. Kiesel, Florian & Kolaric, Sascha & Norden, Lars & Schiereck, Dirk, 2021. "To change or not to change? The CDS market response of firms on credit watch," Journal of Banking & Finance, Elsevier, vol. 125(C).
    42. Ulrike Malmendier, 2018. "Behavioral Corporate Finance," NBER Working Papers 25162, National Bureau of Economic Research, Inc.
    43. Giannetti, Mariassunta & Saidi, Farzad, 2017. "Shock Propagation and Banking Structure," Working Paper Series 348, Sveriges Riksbank (Central Bank of Sweden).
    44. Basnet, Anup & Davis, Frederick & Walker, Thomas & Zhao, Kun, 2021. "The effect of securities class action lawsuits on mergers and acquisitions," Global Finance Journal, Elsevier, vol. 48(C).
    45. Sailesh Tanna & Ibrahim Yousef & Matthias Nnadi, 2020. "Probability of mergers and acquisitions deal failure," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 13(1), pages 1-30, May.

Articles

  1. Milton Harris & Christian C. Opp & Marcus M. Opp, 2025. "Intermediary Capital and the Credit Market," Management Science, INFORMS, vol. 71(1), pages 162-183, January.

    Cited by:

    1. Liu, Jian & Zhang, Sen & Liu, Zhan & Huang, Weihua, 2026. "Regulatory "intensity" and participation "enthusiasm": How does financial regulatory law drive residents' participation in pension security?," Economic Analysis and Policy, Elsevier, vol. 89(C), pages 542-555.

  2. Martin Oehmke & Marcus M Opp, 2025. "A Theory of Socially Responsible Investment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 92(2), pages 1193-1225.
    See citations under working paper version above.
  3. Inderst, Roman & Opp, Marcus M., 2025. "Sustainable finance versus environmental policy: Does greenwashing justify a taxonomy for sustainable investments?," Journal of Financial Economics, Elsevier, vol. 163(C).

    Cited by:

    1. Wang, Hu & Lian, Yuanqiang & Shen, Hong, 2025. "Does the self-holding behavior of fund managers foster fund sustainable investment?," Economic Modelling, Elsevier, vol. 151(C).
    2. Zhao, Xiaomeng & Chen, Yinna & Wang, Jiaming, 2025. "Greening through finance? Based on the dual perspective of external constraints and internal governance," China Economic Review, Elsevier, vol. 91(C).
    3. Gao, Jingzhe & Wei, Haixiao, 2025. "Impact of differentiated green incentive policies on traditional and certified green product markets," International Review of Financial Analysis, Elsevier, vol. 106(C).
    4. Xiaoling Yu & Kaitian Xiao, 2025. "The Impact of Green Finance Policy on Environmental Performance: Evidence from China," Sustainability, MDPI, vol. 17(17), pages 1-23, August.
    5. Lei Xiong & Wei Weng & Zenglin Yang & Jie Peng & Shihuan Zhang, 2025. "The Impact of Local Chairpersons on Green Innovation: Evidence from China," Sustainability, MDPI, vol. 17(20), pages 1-25, October.
    6. Marian-Dragos Mangiuc & Meral Kagitci, 2025. "CSRD as a Paradigm Shift in Sustainability Reporting: From Voluntary Practice to Legal Requirement," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 27(70), pages 1193-1193, August.
    7. Tian, Lulu & Song, Xinyang & Du, Meng & Xu, Baochang, 2025. "The disciplinary impact of capital market internationalization on corporate ESG greenwashing: A study of A-shares' inclusion in the MSCI index," International Review of Financial Analysis, Elsevier, vol. 103(C).
    8. Wu, Jianxian, 2025. "Cities that breathe: Quantifying carbon emission reductions through forest city designation," Forest Policy and Economics, Elsevier, vol. 178(C).
    9. Wang, Qin & Wang, Ying, 2025. "What shapes export competitiveness of home country firms? Host country environmental regulations or labor standards," International Review of Financial Analysis, Elsevier, vol. 103(C).
    10. Pengfei Ge & Chuxiong Tang & Yuhui Chen & Yichao Liu & Rui Zhu, 2025. "Green Bonds: Greenwashing or Genuinely Green? A Study Based on Stock Mispricing," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(6), pages 3396-3413, September.
    11. Döttling, Robin & Rola-Janicka, Magdalena, 2025. "Too Levered for Pigou: Carbon pricing, financial constraints, and leverage regulation," Journal of Financial Economics, Elsevier, vol. 172(C).
    12. Trotta, Annarita & Piluso, Fabio & Strano, Eugenia & Ceraso, Danilo, 2026. "Exploring the climate resilience of ESG and conventional ETFs: Evidence from the European region," Research in International Business and Finance, Elsevier, vol. 84(C).
    13. Fadavi, Sara & Famulok, Jakob & Laudenbach, Christine & Lindner, Vincent, 2025. "Beyond environmental factors: What retail investors want from esg investing," SAFE Policy Letters 111, Leibniz Institute for Financial Research SAFE.
    14. Ying, Qianwei & Peng, Xinyue & He, Siyi, 2025. "The origin of greenium in China’s bond market: green preference or government support?," Finance Research Letters, Elsevier, vol. 85(PC).
    15. Lai, Zichen & Lian, Yitian & Zhao, Feng & Zheng, Yaomin, 2025. "Green at the top: How CEOs’ environmental experience shapes ESG performance in Chinese firms," International Review of Economics & Finance, Elsevier, vol. 103(C).
    16. Chen, Rongda & Wang, Maochuan & Yi, Yuyang & Gao, Yuanhao, 2026. "Democratizing corporate governance: How retail investors’ ESG attention reduces ESG-washing," International Review of Economics & Finance, Elsevier, vol. 105(C).

  4. Bo Becker & Marcus M Opp & Farzad Saidi, 2022. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5438-5482.

    Cited by:

    1. Kubitza, Christian & Grochola, Nicolaus & Gründl, Helmut, 2025. "Life insurance convexity," Journal of Banking & Finance, Elsevier, vol. 178(C).
    2. Mary Chen & Seung Jung Lee & Daniel Neuhann & Farzad Saidi, 2023. "Less Bank Regulation, More Non-Bank Lending," Finance and Economics Discussion Series 2023-026, Board of Governors of the Federal Reserve System (U.S.).
    3. Benjamin Knox & Jakob Ahm Sørensen, 2024. "Insurers’ Investments and Insurance Prices," Finance and Economics Discussion Series 2024-058, Board of Governors of the Federal Reserve System (U.S.).
    4. Kirti, Divya, 2024. "When gambling for resurrection is too risky," Journal of Banking & Finance, Elsevier, vol. 162(C).
    5. Zhongwen Fan & Jia Guo & Jeffrey Ng & Xiao Zhang, 2025. "Investment portfolio management to meet or beat earnings expectations," Review of Accounting Studies, Springer, vol. 30(2), pages 2134-2183, June.
    6. Thiemo Fetzer & Benjamin Guin & Felipe Netto & Farzad Saidi, 2024. "Insurers Monitor Shocks to Collateral: Micro Evidence from Mortgage-backed Securities," CRC TR 224 Discussion Paper Series crctr224_2024_590, University of Bonn and University of Mannheim, Germany.
    7. Boermans, Martijn A. & van der Kroft, Bram, 2024. "Capital regulation induced reaching for systematic yield: Financial instability through fire sales," Journal of Banking & Finance, Elsevier, vol. 158(C).
    8. Nicolaus Grochola & Mark J. Browne & Helmut Gründl & Sebastian Schlütter, 2023. "Exploring the market risk profiles of US and European stock insurers," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 26(3), pages 287-341, October.
    9. Ramin P. Baghai & Bo Becker & Stefan Pitschner, 2024. "The Use of Credit Ratings in the Delegated Management of Fixed Income Assets," Management Science, INFORMS, vol. 70(5), pages 3059-3079, May.
    10. Damast, Dominik & Kubitza, Christian & Sørensen, Jakob Ahm, 2025. "Homeowners insurance and the transmission of monetary policy," ICIR Working Paper Series 55/25, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    11. Lugo, Stefano, 2023. "Cost of monitoring and risk taking in the money market funds industry," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    12. Ralf R. Meisenzahl & Jackson Overpeck & Andy Polacek, 2025. "Life Insurers’ Private Credit Investments and Annuity Market Share Capture," Working Paper Series WP 2025-09, Federal Reserve Bank of Chicago.
    13. Alexandra Dias & Isaudin Ismail & Aihua Zhang, 2025. "Copula-Based Risk Aggregation and the Significance of Reinsurance," Risks, MDPI, vol. 13(3), pages 1-23, February.
    14. Kyeonghee Kim & J. Tyler Leverty & Joan T. Schmit, 2023. "Regulatory capital and asset risk transfer," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 90(4), pages 1027-1061, December.
    15. Lee, Eugenia Y. & Kim, Young Jun & Lee, Sangyoon, 2023. "Fair value information and regulatory capital management using financial asset reclassification by Korean insurers," Finance Research Letters, Elsevier, vol. 56(C).
    16. Xiao Zhang, 2026. "Transparency and divestment: the impact of a public database about insurers’ carbon-intensive investments on their portfolio choices," Review of Accounting Studies, Springer, vol. 31(1), pages 37-73, March.
    17. Milton Harris & Christian C. Opp & Marcus M. Opp, 2025. "Intermediary Capital and the Credit Market," Management Science, INFORMS, vol. 71(1), pages 162-183, January.
    18. Mary Chen & Seung Jung Lee & Daniel Neuhann & Farzad Saidi, 2024. "Less Bank Regulation, More Non-Bank Lending," ECONtribute Discussion Papers Series 303, University of Bonn and University of Cologne, Germany.

  5. Florian Hoffmann & Roman Inderst & Marcus Opp, 2022. "The Economics of Deferral and Clawback Requirements," Journal of Finance, American Finance Association, vol. 77(4), pages 2423-2470, August.
    See citations under working paper version above.
  6. Florian Hoffmann & Roman Inderst & Marcus Opp, 2021. "Only Time Will Tell: A Theory of Deferred Compensation [Motivating Innovation in Newly Public Firms]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(3), pages 1253-1278.
    See citations under working paper version above.
  7. Malmendier, Ulrike & Opp, Marcus M. & Saidi, Farzad, 2016. "Target revaluation after failed takeover attempts: Cash versus stock," Journal of Financial Economics, Elsevier, vol. 119(1), pages 92-106.
    See citations under working paper version above.
  8. Marcus M. Opp & John Y. Zhu, 2015. "Impatience versus Incentives," Econometrica, Econometric Society, vol. 83(4), pages 1601-1617, July.

    Cited by:

    1. Avenancio-León, Carlos F. & Piccolo, Alessio & Pinto, Roberto, 2025. "Resilience in collective bargaining," Journal of Financial Economics, Elsevier, vol. 173(C).
    2. Edward D. Van Wesep & Brian Waters, 2022. "Bonus Season: A Theory of Periodic Labor Markets and Coordinated Bonuses," Management Science, INFORMS, vol. 68(7), pages 5464-5492, July.
    3. Doruk Cetemen & Felix Zhiyu Feng & Can Urgun, 2019. "Contracting with Non-Exponential Discounting: Moral Hazard and Dynamic Inconsistency," Working Papers 2019-17, Princeton University. Economics Department..
    4. Hoffmann, Florian & Inderst, Roman & Opp, Marcus M., 2018. "Only time will tell: A theory of deferred compensation," SAFE Working Paper Series 218, Leibniz Institute for Financial Research SAFE.
    5. Eduardo Zilberman & Vinicius Carrasco & Pedro Hemsley, 2019. "Risk sharing contracts with private information and one-sided commitment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(1), pages 53-81, July.
    6. Florian Hoffmann & Roman Inderst & Marcus Opp, 2022. "The Economics of Deferral and Clawback Requirements," Journal of Finance, American Finance Association, vol. 77(4), pages 2423-2470, August.
    7. Fong, Yuk-fai & Li, Jin, 2017. "Relational contracts, limited liability, and employment dynamics," Journal of Economic Theory, Elsevier, vol. 169(C), pages 270-293.
    8. Roman Inderst & Marcus Opp & Florian Hoffmann, 2016. "Deferred compensation and risk-taking incentives," 2016 Meeting Papers 674, Society for Economic Dynamics.
    9. Felix Feng, 2018. "Dynamic Compensation under Uncertainty Shocks and Limited Commitment," 2018 Meeting Papers 159, Society for Economic Dynamics.

  9. Opp, Marcus M. & Parlour, Christine A. & Walden, Johan, 2014. "Markup cycles, dynamic misallocation, and amplification," Journal of Economic Theory, Elsevier, vol. 154(C), pages 126-161.

    Cited by:

    1. Sungki Hong, 2017. "Customer Capital, Markup Cyclicality, and Amplification," Working Papers 2017-33, Federal Reserve Bank of St. Louis.
    2. Sungki Hong, 2019. "Customer Capital, Markup Cyclicality, and Amplification," 2019 Meeting Papers 959, Society for Economic Dynamics.
    3. Savagar, Anthony, 2021. "Measured productivity with endogenous markups and economic profits," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    4. Xu, Cheng-Gang & Guo, Di & Jiang, Kun & Yang, Xiyi, 2020. "Geographic Clustering and Resource Reallocation Across Firms in Chinese Industries," CEPR Discussion Papers 14506, Centre for Economic Policy Research.
    5. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.
    6. Corhay, Alexandre & Kung, Howard & Schmid, Lukas, 2025. "Q: Risk, rents, or growth?," Journal of Financial Economics, Elsevier, vol. 165(C).
    7. Chrysovalantis Amountzias, 2021. "Markup cyclicality, competition and liquidity constraints: Evidence from a panel VAR analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3696-3718, July.
    8. Bilbiie, Florin & Ghironi, Fabio & Melitz, Marc J, 2016. "Monopoly Power and Endogenous Product Variety: Distortions and Remedies," CEPR Discussion Papers 11294, Centre for Economic Policy Research.
    9. Winston Wei Dou & Yan Ji, 2021. "External Financing and Customer Capital: A Financial Theory of Markups," Management Science, INFORMS, vol. 67(9), pages 5569-5585, September.
    10. Jumpei Hamamura & Sho Hayakawa, 2024. "Optimal choice of relative performance indicator and product market competition," Economics and Business Letters, Oviedo University Press, vol. 13(3), pages 112-121.
    11. Guo, Di & Jiang, Kun & Xu, Chenggang & Yang, Xiyi, 2023. "Geographic clusters, regional productivity and resource reallocation across firms: Evidence from China," Research Policy, Elsevier, vol. 52(2).
    12. Andrea Giusto & Talan B. Işcan, 2016. "Market Power and the Aggregate Saving Rate," Working Papers daleconwp2016-02, Dalhousie University, Department of Economics.

  10. Opp, Christian C. & Opp, Marcus M. & Harris, Milton, 2013. "Rating agencies in the face of regulation," Journal of Financial Economics, Elsevier, vol. 108(1), pages 46-61.

    Cited by:

    1. Shapiro, Joel & Josephson, Jens, 2019. "Credit Ratings and Structured Finance," CEPR Discussion Papers 13534, Centre for Economic Policy Research.
    2. Wojtowicz, Marcin, 2014. "CDOs and the financial crisis: Credit ratings and fair premia," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 1-13.
    3. Rosati, Nicoletta & Bellia, Mario & Matos, Pedro Verga & Oliviera, Vasco, 2019. "Ratings matter: announcements in times of crisis and the dynamics of stock markets," JRC Working Papers in Economics and Finance 2019-08, Joint Research Centre, European Commission.
    4. Berwart, Erik & Guidolin, Massimo & Milidonis, Andreas, 2019. "An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 88-118.
    5. Kraft, Pepa, 2015. "Do rating agencies cater? Evidence from rating-based contracts," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 264-283.
    6. Sergei Kovbasyuk, 2013. "Seller - paid Ratings," EIEF Working Papers Series 1330, Einaudi Institute for Economics and Finance (EIEF), revised Nov 2013.
    7. Abidi, Nordine & Falagiarda, Matteo & Miquel-Flores, Ixart, 2023. "Quantitative easing and credit rating agencies," International Review of Financial Analysis, Elsevier, vol. 86(C).
    8. Ashcraft, A. & Goldsmith-Pinkham, P. & Vickery, J., 2010. "MBS Ratings and the Mortgage Credit Boom," Other publications TiSEM 5da00f7a-44c3-4829-903c-d, Tilburg University, School of Economics and Management.
    9. Siemering, Christian, 2015. "Advertisement-Financed Credit Ratings," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113195, Verein für Socialpolitik / German Economic Association.
    10. Kempf, Elisabeth, 2020. "The job rating game: Revolving doors and analyst incentives," Journal of Financial Economics, Elsevier, vol. 135(1), pages 41-67.
    11. Kun Mo & Farrukh Suvankulov & Sophie Griffiths, 2019. "Financial Distress and Hedging: Evidence from Canadian Oil Firms," Discussion Papers 2019-4, Bank of Canada.
    12. Mo, Guiqing & Gao, Zhi & Zhou, Lei, 2021. "China's no-bailout reform: Impact on bond yields and rating standards," Journal of Banking & Finance, Elsevier, vol. 133(C).
    13. Bo Becker & Marcus Opp, 2013. "Regulatory reform and risk-taking: replacing ratings," NBER Working Papers 19257, National Bureau of Economic Research, Inc.
    14. Hyoung-Joo Lim & Dafydd Mali, 2024. "Does Market Performance (Tobin’s Q) Have A Negative Effect On Credit Ratings? Evidence From South Korea," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(1), pages 53-80, March.
    15. Hasan, Iftekhar & Kim, Suk-Joong & Wu, Eliza, 2015. "The effects of ratings-contingent regulation on international bank lending behavior: Evidence from the Basel 2 Accord," Journal of Banking & Finance, Elsevier, vol. 61(S1), pages 53-68.
    16. Sahibzada, Irfan Ullah & Rizwan, Muhammad Suhail & Qureshi, Anum, 2022. "Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation," Journal of Banking & Finance, Elsevier, vol. 145(C).
    17. Ormazabal, Gaizka, 2018. "The Role of Stakeholders in Corporate Governance: A View from Accounting Research," CEPR Discussion Papers 12775, Centre for Economic Policy Research.
    18. Attig, Najah & Driss, Hamdi & El Ghoul, Sadok, 2021. "Credit ratings quality in uncertain times," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    19. Daniel Quigley & Ansgar Walther, 2024. "Inside and Outside Information," Journal of Finance, American Finance Association, vol. 79(4), pages 2667-2714, August.
    20. Liu, Wenzhen & Wu, Wenfeng, 2023. "Underwriter reputation and the pricing of securities: Evidence from asset-backed securities," International Review of Financial Analysis, Elsevier, vol. 88(C).
    21. Kladakis, George & Chen, Lei & Bellos, Sotirios K., 2020. "Bank asset and informational quality," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 69(C).
    22. Dang, Man & Puwanenthiren, Premkanth & Jones, Edward & Nguyen, Thieu Quang & Vo, Xuan Vinh & Nadarajah, Sivathaasan, 2022. "Strategic archetypes, credit ratings, and cost of debt," Economic Modelling, Elsevier, vol. 114(C).
    23. Fischer, Thomas, 2015. "Market structure and rating strategies in credit rating markets – A dynamic model with matching of heterogeneous bond issuers and rating agencies," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 39-56.
    24. Lukyanov, Georgy & Shamruk, Konstantin & Su, Tong & Wakrim, Ahmed, 2022. "Public communication with externalities," Games and Economic Behavior, Elsevier, vol. 136(C), pages 177-196.
    25. Thomas Cooley & Harold Cole, 2014. "Rating Agencies," 2014 Meeting Papers 1124, Society for Economic Dynamics.
    26. José Jorge, 2016. "Sovereign Ratings and Investor Behavior," CEF.UP Working Papers 1601, Universidade do Porto, Faculdade de Economia do Porto.
    27. Andrew Cohen & Mark D. Manuszak, 2013. "Ratings Competition in the CMBS Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(s1), pages 93-119, August.
    28. Hu, Xiaolu & Shi, Jing & Wang, Lafang & Yu, Jing, 2020. "Foreign ownership in Chinese credit ratings industry: Information revelation or certification?," Journal of Banking & Finance, Elsevier, vol. 118(C).
    29. Bae, Kee-Hong & Driss, Hamdi & Roberts, Gordon S., 2019. "Does competition affect ratings quality? Evidence from Canadian corporate bonds," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 605-623.
    30. Mo, Kun & Suvankulov, Farrukh & Griffiths, Sophie, 2021. "Financial distress and commodity hedging: Evidence from Canadian oil firms," Energy Economics, Elsevier, vol. 97(C).
    31. Goldstein, Itay & Yang, Liyan, 2019. "Good disclosure, bad disclosure," Journal of Financial Economics, Elsevier, vol. 131(1), pages 118-138.
    32. Ozerturk, Saltuk, 2014. "Upfront versus rating contingent fees: Implications for rating quality," Finance Research Letters, Elsevier, vol. 11(2), pages 91-103.
    33. Willie Dion Reddic, 2021. "Under pressure: investment behaviour of insurers under different financial and regulatory conditions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(1), pages 1-20, January.
    34. Haipeng Xing & Ying Chen, 2018. "Dependence of Structural Breaks in Rating Transition Dynamics on Economic and Market Variations," Review of Economics & Finance, Better Advances Press, Canada, vol. 11, pages 1-18, February.
    35. Klusak, Patrycja & Alsakka, Rasha & ap Gwilym, Owain, 2019. "The impact of ESMA regulatory identifiers on the quality of ratings," International Review of Financial Analysis, Elsevier, vol. 66(C).
    36. Marc Goergen & Dimitrios Gounopoulos & Panagiotis Koutroumpis, 2019. "Do Multiple Credit Ratings Reduce Money Left on the Table? Evidence from US. IPOs," Working Papers 884, Queen Mary University of London, School of Economics and Finance.
    37. Huang, Yu-Li & Shen, Chung-Hua, 2021. "From revenue to safety: Rating agencies have changed their concerns after the crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    38. Cuadros-Solas, Pedro Jesús & Salvador Muñoz, Carlos, 2022. "Disentangling the sources of sovereign rating adjustments: An examination of changes in rating policies following the GFC," Research in International Business and Finance, Elsevier, vol. 59(C).
    39. Yun Wang & Yilan Xu, 2015. "Race to the Top: Credit Rating Bias from Competition," Working Papers 2015-05-12, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, revised 10 Jul 2015.
    40. Vikram Nanda & Wei Wu & Xing Zhou, 2017. "Investment Commonality across Insurance Companies : Fire Sale Risk and Corporate Yield Spreads," Finance and Economics Discussion Series 2017-069, Board of Governors of the Federal Reserve System (U.S.).
    41. Gerald J. Lobo & Luc Paugam & Hervé Stolowy & Pierre Astolfi, 2017. "The Effect of Business and Financial Market Cycles on Credit Ratings: Evidence from the Last Two Decades," Abacus, Accounting Foundation, University of Sydney, vol. 53(1), pages 59-93, March.
    42. Darren J. Kisgen & Matthew Osborn & Jonathan Reuter, 2016. "Analyst Promotions within Credit Rating Agencies: Accuracy or Bias?," NBER Working Papers 22477, National Bureau of Economic Research, Inc.
    43. Ballis, Antonis & Ioannidis, Christos & Sifodaskalakis, Emmanouil, 2024. "Structural shifts in bank credit ratings," Journal of Financial Stability, Elsevier, vol. 73(C).
    44. Krystyniak, Karolina & Staneva, Viktoriya, 2024. "The myth of tightening credit rating standards in the market for corporate debt," Journal of Banking & Finance, Elsevier, vol. 162(C).
    45. Di Xiao & Xinyu Yu, 2025. "How do credit ratings affect corporate investment efficiency?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 330-351, January.
    46. Chen, Zhihua & Wang, Zhen, 2021. "Do firms obtain multiple ratings to hedge against downgrade risk?," Journal of Banking & Finance, Elsevier, vol. 123(C).
    47. Itay Goldstein & Chong Huang, 2020. "Credit Rating Inflation and Firms' Investments," Journal of Finance, American Finance Association, vol. 75(6), pages 2929-2972, December.
    48. Xiangyun Zhou, 2021. "Can the dual-rating regulation improve the rating quality of Chinese corporate bonds?," PLOS ONE, Public Library of Science, vol. 16(12), pages 1-15, December.
    49. A. Seetharaman & Vikas Kumar Sahu & A. S. Saravanan & John Rudolph Raj & Indu Niranjan, 2017. "The Impact of Risk Management in Credit Rating Agencies," Risks, MDPI, vol. 5(4), pages 1-16, September.
    50. Driss, Hamdi & Massoud, Nadia & Roberts, Gordon S., 2019. "Are credit rating agencies still relevant? Evidence on certification from Moody's credit watches," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 119-141.
    51. Rieber, Alexander, 2021. "Regulating a highly concentrated industry: Implications fromDodd-Frank," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242434, Verein für Socialpolitik / German Economic Association.
    52. Jean Paul Rabanal & Olga A. Rabanal, 2015. "Does competition affect truth-telling? An experiment with rating agencies," Working Papers 48, Peruvian Economic Association.
    53. Nicolás Figueroa & Oksana Leukhina & Carlos Ramírez, 2018. "Imperfect Information Transmission from Banks to Investors: Macroeconomic Implications," Working Papers 2018-18, Federal Reserve Bank of St. Louis, revised 05 Dec 2019.
    54. Manso, Gustavo, 2013. "Feedback effects of credit ratings," Journal of Financial Economics, Elsevier, vol. 109(2), pages 535-548.
    55. Abad, Pilar & Díaz, Antonio & Escribano, Ana & Robles, M.-Dolores, 2021. "Crossing boundaries beyond the investment grade: Induced trading by rating-contingent investment constraints," Journal of Corporate Finance, Elsevier, vol. 67(C).
    56. Harold Cole & Thomas Cooley, 2023. "Information Acquisition and Rating Agencies," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 50, pages 28-42, October.
    57. Donaldson, Jason Roderick & Piacentino, Giorgia, 2018. "Contracting to compete for flows," Journal of Economic Theory, Elsevier, vol. 173(C), pages 289-319.
    58. Georgy Lukyanov & Konstantin Shamruk & Tong Su & Ahmed Wakrim, 2025. "Public Communication with Externalities," Papers 2509.08850, arXiv.org.
    59. Gredil, Oleg R. & Kapadia, Nishad & Lee, Jung Hoon, 2022. "On the information content of credit ratings and market-based measures of default risk," Journal of Financial Economics, Elsevier, vol. 146(1), pages 172-204.
    60. Jones, Laurence & Alsakka, Rasha & ap Gwilym, Owain & Mantovan, Noemi, 2022. "The impact of regulatory reforms on European bank behaviour: A dynamic structural estimation," European Economic Review, Elsevier, vol. 150(C).
    61. Bonsall, Samuel B. & Gillette, Jacquelyn R. & Pundrich, Gabriel & So, Eric, 2024. "Conflicts of interest in subscriber-paid credit ratings," Journal of Accounting and Economics, Elsevier, vol. 77(1).
    62. Angerer, Martin & Herrmann-Romero, Matthias & Szymczak, Wiebke, 2022. "Losing funds or losing face? Reputation and accountability in the credit rating industry," Journal of Economic Dynamics and Control, Elsevier, vol. 143(C).
    63. Xudong An & Larry Cordell & Joseph B. Nichols, 2020. "Reputation, Information, and Herding in Credit Ratings: Evidence from CMBS," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 476-504, October.
    64. Li, Shaoyu & Huang, Henry Hongren & Oxman, Jeff J., 2025. "Competition, ratings shopping, and yield spread: Evidence from China’s enterprise bond market," The Quarterly Review of Economics and Finance, Elsevier, vol. 103(C).
    65. Kyounghun Lee & Frederick Dongchuhl Oh, 2021. "Credit ratings and liquidity crises," International Journal of Economic Theory, The International Society for Economic Theory, vol. 17(3), pages 309-324, September.
    66. Boermans, Martijn A. & van der Kroft, Bram, 2024. "Capital regulation induced reaching for systematic yield: Financial instability through fire sales," Journal of Banking & Finance, Elsevier, vol. 158(C).
    67. Michael Junho Lee, 2018. "Uncertain booms and fragility," Staff Reports 861, Federal Reserve Bank of New York.
    68. Efing, Matthias, 2015. "Arbitraging the Basel securitization framework: Evidence from German ABS investment," Discussion Papers 40/2015, Deutsche Bundesbank.
    69. Broto, Carmen & Molina, Luis, 2016. "Sovereign ratings and their asymmetric response to fundamentals," Journal of Economic Behavior & Organization, Elsevier, vol. 130(C), pages 206-224.
    70. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69, April.
    71. Loerke, Petra & Niedermayer, Andras, 2018. "On the effect of aggregate uncertainty on certification intermediaries’ incentives to distort ratings," European Economic Review, Elsevier, vol. 108(C), pages 20-48.
    72. Nelson Camanho & Pragyan Deb & Zijun Liu, 2022. "Credit rating and competition," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 2873-2897, July.
    73. Shen, Jianfeng & Zhang, Huiping & Zhang, Weiqi, 2025. "Credit rating and stock return comovement," Journal of Banking & Finance, Elsevier, vol. 177(C).
    74. Xiangyun Zhou & Yixiang Tian & Ping Zhang & Xiurong Chen, 2018. "Incentive and constraint regulations of rating inflation in collusion over the separation of economic cycles - Markov rating shopping dual reputation model," PLOS ONE, Public Library of Science, vol. 13(10), pages 1-18, October.
    75. Abad, Pilar & Robles, M. Dolores, 2014. "Credit rating agencies and idiosyncratic risk: Is there a linkage? Evidence from the Spanish Market," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 152-171.
    76. Singh, Amanjot & Singh, Harminder, 2022. "Insiders' stock pledging disclosures and credit ratings: Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    77. Mathias Kronlund, 2020. "Do Bond Issuers Shop for Favorable Credit Ratings?," Management Science, INFORMS, vol. 66(12), pages 5944-5968, December.
    78. Kempf, Elisabeth, 2017. "The Job Rating Game: The Effects of Revolving Doors on Analyst Incentives," Working Papers 258, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    79. Sumit Agarwal & Vincent Y. S. Chen & Weina Zhang, 2016. "The Information Value of Credit Rating Action Reports: A Textual Analysis," Management Science, INFORMS, vol. 62(8), pages 2218-2240, August.
    80. Yao, Zhiyong & Gu, Dingwei & Chen, Yongmin, 2017. "Rating deflation versus inflation: On procyclical credit ratings," Pacific-Basin Finance Journal, Elsevier, vol. 41(C), pages 46-64.
    81. Wenming Xu & Yan Liu, 2021. "Does reputational capital affect credit rating agencies?: empirical evidence from a natural experiment in China," European Journal of Law and Economics, Springer, vol. 51(3), pages 433-468, June.
    82. Hasan, Iftekhar & Hassan, Gazi & Kim, Suk-Joong & Wu, Eliza, 2021. "The real impact of ratings-based capital rules on the finance-growth nexus," International Review of Financial Analysis, Elsevier, vol. 73(C).
    83. Deku, Solomon Y. & Kara, Alper & Marqués-Ibáñez, David, 2019. "Do reputable issuers provide better-quality securitizations?," Working Paper Series 2236, European Central Bank.
    84. Sadok El Ghoul & Omrane Guedhami & Sattar A. Mansi & Hyo Jin Yoon, 2023. "Institutional Investor Attention, Agency Conflicts, and the Cost of Debt," Management Science, INFORMS, vol. 69(9), pages 5596-5617, September.
    85. Sylwia Frydrych, 2021. "Credit Ratings of Issuers of Green Debt Instruments," European Research Studies Journal, European Research Studies Journal, vol. 0(4 - Part ), pages 172-179.
    86. Chiu, Jonathan & Koeppl, Thorsten, 2014. "Livin’ on the Edge with Ratings: Liquidity, Efficiency and Stability," Queen's Economics Department Working Papers 274661, Queen's University - Department of Economics.
    87. Bernhard Bartels, 2019. "Why rating agencies disagree on sovereign ratings," Empirical Economics, Springer, vol. 57(5), pages 1677-1703, November.
    88. Xia Chen & Qiang Cheng & Ting Luo, 2024. "The Economic Value of Blockchain Applications: Early Evidence from Asset-Backed Securities," Management Science, INFORMS, vol. 70(1), pages 439-463, January.
    89. Bhattacharya, Utpal & Wei, Kelsey D. & Xia, Han, 2019. "Follow the money: Investor trading around investor-paid credit rating changes," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 68-91.
    90. Ramin P. Baghai & Bo Becker & Stefan Pitschner, 2024. "The Use of Credit Ratings in the Delegated Management of Fixed Income Assets," Management Science, INFORMS, vol. 70(5), pages 3059-3079, May.
    91. Kallapur, Sanjay & Khizer, Abdul & Manchiraju, Hariom & Vijayaraghavan, Rajesh, 2025. "Does observability of ratings shopping improve ratings quality?," Journal of Accounting and Economics, Elsevier, vol. 80(1).
    92. Klusak, Patrycja & Alsakka, Rasha & Gwilym, Owain ap, 2017. "Does the disclosure of unsolicited sovereign rating status affect bank ratings?," The British Accounting Review, Elsevier, vol. 49(2), pages 194-210.
    93. Alicja Malewska, 2021. "Failed Attempt to Break Up the Oligopoly in Sovereign Credit Rating Market after Financial Crises," Contemporary Economics, Vizja University, vol. 15(2), April.
    94. Matthieu Bussière & Annukka Ristiniemi, 2012. "Credit Ratings and Debt Crises," Working papers 396, Banque de France.
    95. Ozerturk, Saltuk, 2014. "Ratings as regulatory stamps," Journal of Economic Behavior & Organization, Elsevier, vol. 105(C), pages 17-29.
    96. Stefano Lovo & Philippe Raimbourg & Federica Salvadè, 2022. "Credit rating agencies, information asymmetry and US bond liquidity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1863-1896, October.
    97. Abad, Pilar & Ferreras, Rodrigo & Robles, M-Dolores, 2019. "Informational role of rating revisions after reputational events and regulation reforms," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 91-103.
    98. Miles Livingston & Lei Zhou, 2016. "Information Opacity And Fitch Bond Ratings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 39(4), pages 329-358, December.
    99. Richard Stanton & Nancy Wallace, 2018. "CMBS Subordination, Ratings Inflation, and Regulatory†Capital Arbitrage," Financial Management, Financial Management Association International, vol. 47(1), pages 175-201, March.
    100. Lugo, Stefano, 2023. "Cost of monitoring and risk taking in the money market funds industry," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    101. Matthieu Bouvard & Raphaël Levy, 2018. "Two-Sided Reputation in Certification Markets," Management Science, INFORMS, vol. 64(10), pages 4755-4774, October.
    102. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit rating industry: A helicopter tour of stylized facts and recent theories," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 643-651.
    103. Javed I. Ahmed, 2014. "Competition in Lending and Credit Ratings," Working Papers 14-01, Office of Financial Research, US Department of the Treasury.
    104. Matthias Efing, 2013. "Bank Capital Regulation with an Opportunistic Rating Agency," CESifo Working Paper Series 4267, CESifo.
    105. Marta Allegra Ronchetti, 2015. "Credit Rating Agency, Preliminary Ratings and Contact Disclosure," Discussion Papers 2015/04, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    106. Baghai, Ramin & Becker, Bo & Pitschner, Stefan, 2018. "The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates," CEPR Discussion Papers 13418, Centre for Economic Policy Research.
    107. Strausz, Roland, 2017. "Certification and Market Transparency," Rationality and Competition Discussion Paper Series 3, CRC TRR 190 Rationality and Competition.
    108. Bo Becker & Marcus M Opp & Farzad Saidi, 2022. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5438-5482.
    109. Yang, Ruoke, 2022. "What do we learn from ratings about corporate social responsibility? New evidence of uninformative ratings," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    110. Brogaard, Jonathan & Koski, Jennifer L. & Siegel, Andrew F., 2019. "Do upgrades matter? Evidence from trading volume," Journal of Financial Markets, Elsevier, vol. 43(C), pages 54-77.
    111. Florian Kiesel, 2021. "It's the tone, stupid! Soft information in credit rating reports and financial markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(3), pages 553-585, September.
    112. Jones, Laurence & Alsakka, Rasha & ap Gwilym, Owain & Mantovan, Noemi, 2022. "Regulating rating agencies: A conservative behavioural change," Journal of Financial Stability, Elsevier, vol. 60(C).
    113. Kraft, Pepa & Xie, Yuan & Zhou, Ling, 2020. "The intraday timing of rating changes," Journal of Corporate Finance, Elsevier, vol. 60(C).
    114. Lugo, Stefano, 2014. "Discretionary ratings and the pricing of subprime mortgage-backed securities," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 248-260.
    115. Wojewodzki, Michal & Boateng, Agyenim & Brahma, Sanjukta, 2020. "Credit rating, banks' capital structure and speed of adjustment: A cross-country analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 69(C).
    116. Jordan Martel & Edward Dickersin Van Wesep & Robert Van Wesep, 2022. "Ratings and Cooperative Information Transmission," Management Science, INFORMS, vol. 68(12), pages 9175-9197, December.
    117. Pertaia, Giorgi & Prokhorov, Artem & Uryasev, Stan, 2022. "A new approach to credit ratings," Journal of Banking & Finance, Elsevier, vol. 140(C).
    118. Anna Gibert, 2016. "The Signaling Role of Fiscal Austerity," Discussion Papers of DIW Berlin 1623, DIW Berlin, German Institute for Economic Research.
    119. Byoun, Soku & Han, Seung Hun & Shin, Yoon S., 2021. "Does the Nationally Recognized Statistical Rating Organization certification matter for Japanese credit rating agencies?," Journal of Financial Markets, Elsevier, vol. 56(C).
    120. Lawrence J. White, 2013. "Credit Rating Agencies: An Overview," Working Papers 13-10, New York University, Leonard N. Stern School of Business, Department of Economics.
    121. Ahmed Elbadry & Dimitrios Gounopoulos & Frank Skinner, 2015. "Governance Quality and Information Asymmetry," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 24(2-3), pages 127-157, May.
    122. Chen, Zhongfei & Matousek, Roman & Stewart, Chris & Webb, Rob, 2019. "Do rating agencies exhibit herding behaviour? Evidence from sovereign ratings," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 57-70.
    123. Sivan Frenkel, 2015. "Repeated Interaction and Rating Inflation: A Model of Double Reputation," American Economic Journal: Microeconomics, American Economic Association, vol. 7(1), pages 250-280, February.
    124. Xia, Han, 2014. "Can investor-paid credit rating agencies improve the information quality of issuer-paid rating agencies?," Journal of Financial Economics, Elsevier, vol. 111(2), pages 450-468.
    125. Patrick Behr & Darren J. Kisgen & Jérôme P. Taillard, 2018. "Did Government Regulations Lead to Inflated Credit Ratings?," Management Science, INFORMS, vol. 64(3), pages 1034-1054, March.
    126. Salvador, Carlos & Fernández de Guevara, Juan & Pastor, José Manuel, 2018. "The adjustment of bank ratings in the financial crisis: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 44(C), pages 289-313.
    127. Alanis, Emmanuel, 2020. "Is there valuable private information in credit ratings?," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    128. Bedendo, Mascia & Cathcart, Lara & El-Jahel, Lina, 2018. "Reputational shocks and the information content of credit ratings," Journal of Financial Stability, Elsevier, vol. 34(C), pages 44-60.
    129. Huang, He & Svec, Jiri & Wu, Eliza, 2021. "The game changer: Regulatory reform and multiple credit ratings," Journal of Banking & Finance, Elsevier, vol. 133(C).
    130. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, Centre for Economic Policy Research.
    131. Hirth, Stefan, 2014. "Credit rating dynamics and competition," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 100-112.
    132. Efing, Matthias & Hau, Harald, 2015. "Structured debt ratings: Evidence on conflicts of interest," Journal of Financial Economics, Elsevier, vol. 116(1), pages 46-60.
    133. Gibert, Anna, 2022. "Signalling creditworthiness with fiscal austerity," European Economic Review, Elsevier, vol. 144(C).
    134. Baker, H. Kent & Dutta, Shantanu & Saadi, Samir & Zhong, Ligang, 2022. "Does media coverage affect credit rating change decisions?," Journal of Banking & Finance, Elsevier, vol. 145(C).
    135. Kyungha (Kari) Lee & Stefan F. Schantl, 2019. "Financial Reporting and Credit Ratings: On the Effects of Competition in the Rating Industry and Rating Agencies' Gatekeeper Role," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(2), pages 545-600, May.
    136. Xinyuan Tao & Chunchi Wu, 2021. "Rating labels and style investing: Evidence from Moody's rating recalibration," Financial Management, Financial Management Association International, vol. 50(4), pages 1047-1084, December.
    137. Milton Harris & Christian C. Opp & Marcus M. Opp, 2025. "Intermediary Capital and the Credit Market," Management Science, INFORMS, vol. 71(1), pages 162-183, January.
    138. Deng, Kaihua & Qiao, Guannan, 2022. "Triple A default," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    139. Li, Xiangzhen & Liu, Shida & Wang, Hao, 2025. "Default-probability-implied credit ratings for Chinese firms," Journal of Empirical Finance, Elsevier, vol. 83(C).
    140. Dimitrov, Valentin & Palia, Darius & Tang, Leo, 2015. "Impact of the Dodd-Frank act on credit ratings," Journal of Financial Economics, Elsevier, vol. 115(3), pages 505-520.
    141. Nan Guo & Steven Kou & Bin Wang & Ruodu Wang, 2025. "A Theory of Credit Rating Criteria," Management Science, INFORMS, vol. 71(4), pages 3583-3599, April.
    142. Roman Inderst & Marcus Opp & Florian Hoffmann, 2016. "Deferred compensation and risk-taking incentives," 2016 Meeting Papers 674, Society for Economic Dynamics.
    143. Marta Allegra Ronchetti, 2018. "Preliminary credit ratings and contact disclosure," Discussion Papers 2018/02, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    144. Rossen Valkanov & Andra Ghent, 2014. "Complexity in Structured Finance: Financial Wizardry or Smoke and Mirrors," 2014 Meeting Papers 104, Society for Economic Dynamics.
    145. Alsakka, Rasha & ap Gwilym, Owain & Vu, Tuyet Nhung, 2014. "The sovereign-bank rating channel and rating agencies' downgrades during the European debt crisis," Journal of International Money and Finance, Elsevier, vol. 49(PB), pages 235-257.
    146. Brendan Daley & Brett Green & Victoria Vanasco, 2020. "Securitization, Ratings, and Credit Supply," Journal of Finance, American Finance Association, vol. 75(2), pages 1037-1082, April.
    147. Byoun, Soku, 2014. "Information content of unsolicited credit ratings and incentives of rating agencies: A theory," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 338-349.
    148. Bakalyar, Inna & Galil, Koresh, 2014. "Rating shopping and rating inflation in Israel," International Review of Financial Analysis, Elsevier, vol. 33(C), pages 270-280.
    149. Hoppe-Wewetzer, Heidrun C. & Siemering, Christian, 2020. "Advertisement-Financed Credit Ratings," CEPR Discussion Papers 14735, Centre for Economic Policy Research.
    150. Xueying Zhang & Shansheng Gao & Jian Jiao, 2018. "Moral Hazard Effects of Corporate Bond Guarantee Purchases: Empirical Evidence from China," Journal of Economics and Behavioral Studies, AMH International, vol. 10(5), pages 100-115.
    151. Anna Bayona & Oana Peia & Razvan Vlahu, 2023. "Credit Ratings and Investments," Working Papers 776, DNB.
    152. Attig, Najah & Driss, Hamdi & El Ghoul, Sadok, 2020. "Rating standards around the world: A puzzle?," Emerging Markets Review, Elsevier, vol. 45(C).
    153. Jess N. Cornaggia & Kimberly J. Cornaggia & John E. Hund, 2017. "Credit Ratings Across Asset Classes: A Long-Term Perspective," Review of Finance, European Finance Association, vol. 21(2), pages 465-509.
    154. Glode, Vincent & Opp, Christian C. & Zhang, Xingtan, 2018. "Voluntary disclosure in bilateral transactions," Journal of Economic Theory, Elsevier, vol. 175(C), pages 652-688.
    155. Opp, Marcus & Harris, Milton & Opp, Christian, 2020. "The aggregate demand for bank capital," CEPR Discussion Papers 14524, Centre for Economic Policy Research.
    156. Cornaggia, Jess & Cornaggia, Kimberly J. & Xia, Han, 2016. "Revolving doors on Wall Street," Journal of Financial Economics, Elsevier, vol. 120(2), pages 400-419.
    157. Dion Bongaerts & Frederik Schlingemann, 2024. "The Real Effects of Ratings Actions: Evidence from Corporate Asset Sales," Management Science, INFORMS, vol. 70(3), pages 1505-1528, March.
    158. Zhang Chang & Xiaolu Hu & Zheyao Pan & Jing Shi, 2021. "Rating shopping: evidence from the Chinese corporate debt security market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2173-2200, April.
    159. Liu, Yan, 2023. "Essays on credit rating agencies in China," Other publications TiSEM b54b3315-1185-48b8-aaf8-8, Tilburg University, School of Economics and Management.
    160. Goel, Anand M. & Thakor, Anjan V., 2015. "Information reliability and welfare: A theory of coarse credit ratings," Journal of Financial Economics, Elsevier, vol. 115(3), pages 541-557.
    161. Farkas, Miklós, 2021. "Competition, communication and rating bias," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 637-656.
    162. Biswas, Sonny & Koufopoulos, Kostas & Thakor, Anjan V., 2024. "Can information imprecision be valuable? The case of credit ratings," Journal of Financial Intermediation, Elsevier, vol. 60(C).
    163. Boffelli, Simona & Urga, Giovanni, 2015. "Macroannouncements, bond auctions and rating actions in the European government bond spreads," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 148-173.
    164. Agoraki, Maria-Eleni & Gounopoulos, Dimitrios & Kouretas, Georgios P., 2021. "Market expectations and the impact of credit rating on the IPOs of U.S. banks," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 587-610.

  11. Opp, Marcus M., 2012. "Expropriation risk and technology," Journal of Financial Economics, Elsevier, vol. 103(1), pages 113-129.

    Cited by:

    1. Jean Guillaume Forand & Jan Zapal, 2017. "The Demand and Supply of Favours in Dynamic Relationships," Working Papers 1705, University of Waterloo, Department of Economics, revised Sep 2017.
    2. Xavier Freixas & Jean‐Charles Rochet, 2013. "Taming Systemically Important Financial Institutions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(s1), pages 37-58, August.
    3. Carmona, Guilherme & Carvalho, Luís, 2016. "Repeated two-person zero-sum games with unequal discounting and private monitoring," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 131-138.
    4. Chunmei Lin & Massimo Massa & Hong Zhang, 2014. "Mutual Funds and Information Diffusion: The Role of Country-Level Governance," Tinbergen Institute Discussion Papers 14-079/IV/DSF76, Tinbergen Institute.
    5. Natalia Kovrijnykh, 2008. "Debt Contracts with Short-Term Commitment," 2008 Meeting Papers 558, Society for Economic Dynamics.
    6. M. Akhtaruzzaman & Nathan Berg & Christopher Hajzler, 2017. "Expropriation Risk and FDI in Developing Countries: Does Return of Capital Dominate Return on Capital?," Staff Working Papers 17-9, Bank of Canada.
    7. Opp, Christian C. & Opp, Marcus M. & Harris, Milton, 2013. "Rating agencies in the face of regulation," Journal of Financial Economics, Elsevier, vol. 108(1), pages 46-61.
    8. Hajzler, Christopher, 2014. "Resource-based FDI and expropriation in developing economies," Journal of International Economics, Elsevier, vol. 92(1), pages 124-146.
    9. Hanno Lustig & Chad Syverson & Stijn Van Nieuwerburgh, 2009. "Technological Change and the Growing Inequality in Managerial Compensation," NBER Working Papers 14661, National Bureau of Economic Research, Inc.
    10. Jaakkola, Niko & Spiro, Daniel & van Benthem, Arthur A., 2019. "Finders, keepers?," Journal of Public Economics, Elsevier, vol. 169(C), pages 17-33.
    11. Chen, Feiqiong & Zhong, Fangfang & Chen, Yao, 2014. "Outward foreign direct investment and sovereign risks in developing host country," Economic Modelling, Elsevier, vol. 41(C), pages 166-172.
    12. Chen, Yuyang & Gao, Jie, 2025. "Product market effects of expropriation risk: Evidence from a quasi-natural experiment in China," Economic Systems, Elsevier, vol. 49(3).
    13. Roman Inderst & Marcus Opp & Florian Hoffmann, 2016. "Deferred compensation and risk-taking incentives," 2016 Meeting Papers 674, Society for Economic Dynamics.
    14. Christopher Hajzler & Jonathan Rosborough, 2016. "Government Corruption and Foreign Direct Investment Under the Threat of Expropriation," Staff Working Papers 16-13, Bank of Canada.

  12. Opp, Marcus M., 2010. "Tariff wars in the Ricardian Model with a continuum of goods," Journal of International Economics, Elsevier, vol. 80(2), pages 212-225, March.

    Cited by:

    1. Charles Serfaty & Sebastian Stumpner, 2026. "Geoeconomic Fragmentation in a Multi-Country GVC Model," Working papers 1030, Banque de France.
    2. Cecilia Bellora & Jean-Marc Bourgeon, 2014. "Agricultural Trade, Biodiversity Effects and Food Price Volatility," Working Papers hal-01052971, HAL.
    3. Gustavo de Souza & Naiyuan Hu & Haishi Li & Yuan Mei, 2022. "(Trade) War and Peace: How to Impose International Trade Sanctions," Working Paper Series WP 2022-49, Federal Reserve Bank of Chicago.
    4. Chattopadhyay, Subir & Mitka, Malgorzata M., 2019. "Nash equilibrium in tariffs in a multi-country trade model," Journal of Mathematical Economics, Elsevier, vol. 84(C), pages 225-242.
    5. Roy J. Ruffin, 2014. "Nontraded Goods and Real Exchange Rates in a Multi-Good Ricardian Model," Review of International Economics, Wiley Blackwell, vol. 22(1), pages 105-115, February.
    6. Ken-ichi Hashimoto & Kaz Miyagiwa & Yoshiyasu Ono & Matthias Schlegl, 2024. "Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation," Working Papers 2409, Florida International University, Department of Economics.
    7. Daniel Carroll & Sewon Hur, 2019. "On the Heterogeneous Welfare Gains and Losses from Trade," 2019 Meeting Papers 1358, Society for Economic Dynamics.
    8. Daniel Carroll & Sewon Hur, 2023. "On The Distributional Effects Of International Tariffs," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(4), pages 1311-1346, November.
    9. Sascha Tobias Wengerek, 2020. "Share price reactions to tariff imposition announcements in the Trump era - An event study of the trade conflict," Working Papers Dissertations 59, Paderborn University, Faculty of Business Administration and Economics.
    10. Hajime Takatsuka & Dao‐Zhi Zeng, 2022. "Mobile capital, optimal tariff, and tariff war," Review of International Economics, Wiley Blackwell, vol. 30(1), pages 166-204, February.
    11. Feng Dai & Songtao Wu & Ling Liang & Zifu Qin, 2016. "Bilateral Trade under Environmental Pressure: Balanced Growth," Journal of Industry, Competition and Trade, Springer, vol. 16(2), pages 209-231, June.
    12. Colacicco, Rudy, 2024. "Strategic trade policy in general oligopolistic equilibrium: The case of import tariffs," Research in Economics, Elsevier, vol. 78(2).
    13. Takumi NAITO, 2017. "A Larger Country Sets a Lower Optimal Tariff," Discussion papers 17037, Research Institute of Economy, Trade and Industry (RIETI).
    14. Tatsuro Iwaisako & Hitoshi Tanaka, 2020. "Tariffs and Foreign Direct Investment in a North South Product Cycle Model," Discussion Papers in Economics and Business 20-08, Osaka University, Graduate School of Economics.
    15. Opp, Marcus M. & Parlour, Christine A. & Walden, Johan, 2014. "Markup cycles, dynamic misallocation, and amplification," Journal of Economic Theory, Elsevier, vol. 154(C), pages 126-161.
    16. Leonid V. Azarnert, 2016. "Trade, Luxury Goods and a Growth Enhancing Tariff," CESifo Working Paper Series 5943, CESifo.
    17. Donaldson, Dave & Costinot, Arnaud & Werning, Iván & Vogel, Jonathan, 2013. "Comparative Advantage and Optimal Trade Policy," CEPR Discussion Papers 9765, Centre for Economic Policy Research.
    18. Lashkaripour, Ahmad, 2021. "The cost of a global tariff war: A sufficient statistics approach," Journal of International Economics, Elsevier, vol. 131(C).
    19. Gustavo de Souza & Naiyuan Hu & Haishi Li & Yuan Mei, 2023. "(Trade) War and Peace: How to Impose International Trade Sanctions," CESifo Working Paper Series 10477, CESifo.
    20. Traiberman, Sharon & Rotemberg, Martin, 2023. "Precautionary protectionism," Journal of International Economics, Elsevier, vol. 145(C).
    21. Dai, Mengmeng & Hsu, Wen-Tai & Jin, Wei & Wang, Yongjin & Yang, Siqiang, 2026. "Comparative advantage and optimal trade policy with strategic interactions," International Journal of Industrial Organization, Elsevier, vol. 104(C).
    22. Takumi Naito, 2016. "Aid for Trade and Global Growth," Review of International Economics, Wiley Blackwell, vol. 24(5), pages 1178-1201, November.
    23. Jean-Marc Malambwe Kilolo, 2018. "An elementary model of export tax war," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(2), pages 307-325, May.
    24. Bahaj, Saleem & Malherbe, Frederic, 2024. "The cross-border effects of bank capital regulation," Journal of Financial Economics, Elsevier, vol. 160(C).

  13. Opp, Marcus M. & Sonnenschein, Hugo F. & Tombazos, Christis G., 2009. "Rybczynski's Theorem in the Heckscher-Ohlin World -- Anything Goes," Journal of International Economics, Elsevier, vol. 79(1), pages 137-142, September.

    Cited by:

    1. Sebastian Benz, 2014. "Essays on Offshoring, Wage Inequality and Innovation," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 56, April.
    2. Noel Gaston & Douglas R. Nelson, 2013. "Bridging Trade Theory And Labour Econometrics: The Effects Of International Migration," Journal of Economic Surveys, Wiley Blackwell, vol. 27(1), pages 98-139, February.
    3. James A. Robinson & Ragnar Torvik, 2011. "Institutional Comparative Statics," NBER Working Papers 17106, National Bureau of Economic Research, Inc.
    4. Opp, Marcus M., 2010. "Tariff wars in the Ricardian Model with a continuum of goods," Journal of International Economics, Elsevier, vol. 80(2), pages 212-225, March.
    5. Agyeman, Domena A. & Ochuodho, Thomas O., 2021. "Factor endowment and structural change in Kentucky forest industry," Forest Policy and Economics, Elsevier, vol. 131(C).
    6. Sebastian Benz & Mario Larch & Markus Zimmer, 2013. "The Structure of Europe: International Input-Output Analysis with Trade in Intermediate Inputs and Capital Flows," ifo Working Paper Series 161, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    7. Peter Egger & Maximilian von Ehrlich & Douglas R. Nelson, 2011. "Migration and Trade," CESifo Working Paper Series 3467, CESifo.
    8. Bjarne S. Jensen, 2011. "Comparative Costs, the Invisible Hand, and Factor Endowments: Ricardo, Ohlin, and Samuelson," DEGIT Conference Papers c016_042, DEGIT, Dynamics, Economic Growth, and International Trade.

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