{"id":"https://openalex.org/W2124957504","doi":"https://doi.org/10.3905/jfi.1995.408153","title":"The Credit Rating Industry","display_name":"The Credit Rating Industry","publication_year":1995,"publication_date":"1995-12-31","ids":{"openalex":"https://openalex.org/W2124957504","doi":"https://doi.org/10.3905/jfi.1995.408153","mag":"2124957504"},"language":"en","primary_location":{"id":"doi:10.3905/jfi.1995.408153","doi":"https://doi.org/10.3905/jfi.1995.408153","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jfi.1995.408153","pdf_url":null,"source":{"id":"https://openalex.org/S99789271","display_name":"The Journal of Fixed Income","issn_l":"1059-8596","issn":["1059-8596","2168-8648"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320662","host_organization_name":"Euromoney Institutional Investor","host_organization_lineage":["https://openalex.org/P4310320662"],"host_organization_lineage_names":["Euromoney Institutional Investor"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Fixed Income","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5024318920","display_name":"Richard Martin Cantor","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I43638361","display_name":"Federal Reserve Bank of New York","ror":"https://ror.org/05hwvzg47","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I43638361"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Richard Cantor","raw_affiliation_strings":["Assistant vice president at The Federal Reserve Bank of New York"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Assistant vice president at The Federal Reserve Bank of New York","institution_ids":["https://openalex.org/I43638361"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5051334407","display_name":"Frank Packer","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I43638361","display_name":"Federal Reserve Bank of New York","ror":"https://ror.org/05hwvzg47","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I43638361"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Frank Packer","raw_affiliation_strings":["An economist at the Federal Reserve Bank of New York"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"An economist at the Federal Reserve Bank of New York","institution_ids":["https://openalex.org/I43638361"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I43638361"],"apc_list":null,"apc_paid":null,"fwci":12.4615,"has_fulltext":false,"cited_by_count":455,"citation_normalized_percentile":{"value":0.9827173,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":100},"biblio":{"volume":"5","issue":"3","first_page":"10","last_page":"34"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-rating-agencies","display_name":"credit rating agencies","score":0.9860000014305115},{"id":"https://openalex.org/keywords/credit-ratings","display_name":"credit ratings","score":0.9710000157356262},{"id":"https://openalex.org/keywords/default-risk","display_name":"default risk","score":0.8669999837875366},{"id":"https://openalex.org/keywords/regulatory-oversight","display_name":"regulatory oversight","score":0.6489999890327454},{"id":"https://openalex.org/keywords/rating-regulation","display_name":"rating regulation","score":0.3149999976158142}],"concepts":[{"id":"https://openalex.org/C205208723","wikidata":"https://www.wikidata.org/wiki/Q372765","display_name":"Credit rating","level":2,"score":0.8016051054000854},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.6714791655540466},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.6129298210144043},{"id":"https://openalex.org/C2780876879","wikidata":"https://www.wikidata.org/wiki/Q3054749","display_name":"Meaning (existential)","level":2,"score":0.5973193645477295},{"id":"https://openalex.org/C164226766","wikidata":"https://www.wikidata.org/wiki/Q7293202","display_name":"Rank (graph theory)","level":2,"score":0.5732568502426147},{"id":"https://openalex.org/C1453916","wikidata":"https://www.wikidata.org/wiki/Q2577635","display_name":"Bond credit rating","level":4,"score":0.5420393347740173},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4788641631603241},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.47373688220977783},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.4634523093700409},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4473520815372467},{"id":"https://openalex.org/C2984055962","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Default risk","level":3,"score":0.41471272706985474},{"id":"https://openalex.org/C24308983","wikidata":"https://www.wikidata.org/wiki/Q5183781","display_name":"Credit reference","level":3,"score":0.34076839685440063},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.09238481521606445},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.055442214012145996},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C542102704","wikidata":"https://www.wikidata.org/wiki/Q183257","display_name":"Psychotherapist","level":1,"score":0.0},{"id":"https://openalex.org/C114614502","wikidata":"https://www.wikidata.org/wiki/Q76592","display_name":"Combinatorics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3905/jfi.1995.408153","doi":"https://doi.org/10.3905/jfi.1995.408153","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jfi.1995.408153","pdf_url":null,"source":{"id":"https://openalex.org/S99789271","display_name":"The Journal of Fixed Income","issn_l":"1059-8596","issn":["1059-8596","2168-8648"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320662","host_organization_name":"Euromoney Institutional Investor","host_organization_lineage":["https://openalex.org/P4310320662"],"host_organization_lineage_names":["Euromoney Institutional Investor"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Fixed Income","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:fip:fednqr:y:1994:i:sum:p:1-26:n:v.19no.2","doi":null,"is_oa":false,"landing_page_url":"http://www.newyorkfed.org/research/quarterly_review/1994v19/v19n2article1.pdf","pdf_url":"http://www.newyorkfed.org/research/quarterly_review/1994v19/v19n2article1.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3122474705","https://openalex.org/W6980883379","https://openalex.org/W1791405219","https://openalex.org/W1502164561","https://openalex.org/W1980273330","https://openalex.org/W1487657582","https://openalex.org/W2248623364","https://openalex.org/W1909767260","https://openalex.org/W1570564125","https://openalex.org/W171032203"],"abstract_inverted_index":{"Investors":[0],"and":[1,38,63],"regulators":[2],"have":[3],"been":[4],"increasing":[5],"their":[6],"reliance":[7],"on":[8],"the":[9,12,21,29,52,59,64],"opinions":[10],"of":[11,26,31,58,61,66],"credit":[13],"rating":[14],"agencies.":[15,40],"This":[16],"article":[17],"shows":[18],"that":[19,42,55],"although":[20],"ratings":[22,62],"provide":[23],"accurate":[24],"rank-orderings":[25],"default":[27],"risk,":[28],"meaning":[30],"specific":[32],"letter":[33],"grades":[34],"varies":[35],"over":[36],"time":[37],"across":[39],"Noting":[41],"current":[43],"regulations":[44],"do":[45],"not":[46],"explicitly":[47],"adjust":[48],"for":[49],"agency":[50],"differences,":[51],"authors":[53],"argue":[54],"a":[56],"reassessment":[57],"use":[60],"adequacy":[65],"public":[67],"oversight":[68],"is":[69],"overdue.":[70]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":12},{"year":2023,"cited_by_count":22},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":11},{"year":2020,"cited_by_count":14},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":10},{"year":2017,"cited_by_count":14},{"year":2016,"cited_by_count":20},{"year":2015,"cited_by_count":20},{"year":2014,"cited_by_count":19},{"year":2013,"cited_by_count":23},{"year":2012,"cited_by_count":34}],"updated_date":"2026-10-20T09:52:01.089006","created_date":"2016-06-24T00:00:00"}
