The Incentives of Intermediaries in Financial Markets [Elektronische Ressource] : A Critical Analysis / Anno Stolper. Betreuer: Klaus Schmidt

The Incentives of Intermediariesin Financial Markets:A Critical AnalysisInaugural-Dissertationzur Erlangung des GradesDoctor oeconomiae publicae (Dr. oec. publ.)an der Ludwig-Maximilians-Universit at Munc hen2010vorgelegt vonAnno StolperReferent: Prof. Dr. Klaus M. SchmidtKorreferent: Prof. Ray ReesPromotionsabschlussberatung: 1. Juni 2011AcknowledgementsFirst, I would like to thank my supervisor Klaus M. Schmidt. His comments andsuggestions were most valuable. I also thank my second supervisor Ray Rees. Ibene ted a lot from his advice. In addition, I am grateful to Sven Rady, whokindly agreed to join my thesis committee, for his valuable comments.Furthermore, I thank Florian Englmaier, Georg Gebhardt, Felix Reinshagen,Caspar Siegert, Beatrice Scheubel and Christina Strassmair for helpful commentsand encouraging support. I am also grateful to participants at seminars andconferences for their valuable suggestions.The Munich Graduate School of Economics and the Seminar for EconomicTheory provided a stimulating and inspiring research environment. Financialsupport from the Deutsche Forschungsgemeinschaft through GRK 801 is grate-fully acknowledged.Last but not least, I thank my family and friends for their support and en-couragement.Anno StolperContentsPreface 11 The Regulation of Credit Rating Agencies 61.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.2 The Model . . . . . . . . . . . . . . . . . . . . . . . . . .