{"id":"https://openalex.org/W4411945998","doi":"https://doi.org/10.1145/3736252.3742572","title":"Credit Rating Design Under Adverse Selection","display_name":"Credit Rating Design Under Adverse Selection","publication_year":2025,"publication_date":"2025-07-02","ids":{"openalex":"https://openalex.org/W4411945998","doi":"https://doi.org/10.1145/3736252.3742572"},"language":"en","primary_location":{"id":"doi:10.1145/3736252.3742572","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3736252.3742572","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3736252.3742572","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 26th ACM Conference on Economics and Computation","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://dl.acm.org/doi/pdf/10.1145/3736252.3742572","any_repository_has_fulltext":null},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5035659452","display_name":"Yifan Feng","orcid":"https://orcid.org/0000-0002-1695-9668"},"institutions":[{"id":"https://openalex.org/I165932596","display_name":"National University of Singapore","ror":"https://ror.org/01tgyzw49","country_code":"SG","type":"education","lineage":["https://openalex.org/I165932596"]}],"countries":["SG"],"is_corresponding":true,"raw_author_name":"Yifan Feng","raw_affiliation_strings":["National University of Singapore, Singapore, Singapore"],"raw_orcid":"https://orcid.org/0000-0002-1695-9668","affiliations":[{"raw_affiliation_string":"National University of Singapore, Singapore, Singapore","institution_ids":["https://openalex.org/I165932596"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5047721714","display_name":"Jussi Keppo","orcid":"https://orcid.org/0000-0002-4571-5566"},"institutions":[{"id":"https://openalex.org/I165932596","display_name":"National University of Singapore","ror":"https://ror.org/01tgyzw49","country_code":"SG","type":"education","lineage":["https://openalex.org/I165932596"]}],"countries":["SG"],"is_corresponding":false,"raw_author_name":"Jussi Keppo","raw_affiliation_strings":["National University of Singapore, Singapore, Singapore"],"raw_orcid":"https://orcid.org/0000-0002-4571-5566","affiliations":[{"raw_affiliation_string":"National University of Singapore, Singapore, Singapore","institution_ids":["https://openalex.org/I165932596"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5102683399","display_name":"Qinzhen Li","orcid":"https://orcid.org/0009-0001-2867-8900"},"institutions":[{"id":"https://openalex.org/I165932596","display_name":"National University of Singapore","ror":"https://ror.org/01tgyzw49","country_code":"SG","type":"education","lineage":["https://openalex.org/I165932596"]}],"countries":["SG"],"is_corresponding":false,"raw_author_name":"Qinzhen Li","raw_affiliation_strings":["National University of Singapore, Singapore, Singapore"],"raw_orcid":"https://orcid.org/0009-0001-2867-8900","affiliations":[{"raw_affiliation_string":"National University of Singapore, Singapore, Singapore","institution_ids":["https://openalex.org/I165932596"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5035659452"],"corresponding_institution_ids":["https://openalex.org/I165932596"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.19922929,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"475","last_page":"475"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.8708999752998352,"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":0.8708999752998352,"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/T12394","display_name":"Insurance and Financial Risk Management","score":0.7660999894142151,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"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/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.7524999976158142,"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/selection","display_name":"Selection (genetic algorithm)","score":0.6530659794807434},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5579109191894531},{"id":"https://openalex.org/keywords/adverse-selection","display_name":"Adverse selection","score":0.47285035252571106},{"id":"https://openalex.org/keywords/adverse-effect","display_name":"Adverse effect","score":0.46411922574043274},{"id":"https://openalex.org/keywords/reliability-engineering","display_name":"Reliability engineering","score":0.3500928282737732},{"id":"https://openalex.org/keywords/machine-learning","display_name":"Machine learning","score":0.25795215368270874},{"id":"https://openalex.org/keywords/medicine","display_name":"Medicine","score":0.22467517852783203},{"id":"https://openalex.org/keywords/engineering","display_name":"Engineering","score":0.13222822546958923},{"id":"https://openalex.org/keywords/internal-medicine","display_name":"Internal medicine","score":0.1258247196674347},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.10081279277801514},{"id":"https://openalex.org/keywords/actuarial-science","display_name":"Actuarial science","score":0.077044278383255}],"concepts":[{"id":"https://openalex.org/C81917197","wikidata":"https://www.wikidata.org/wiki/Q628760","display_name":"Selection (genetic algorithm)","level":2,"score":0.6530659794807434},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5579109191894531},{"id":"https://openalex.org/C32252159","wikidata":"https://www.wikidata.org/wiki/Q380037","display_name":"Adverse selection","level":2,"score":0.47285035252571106},{"id":"https://openalex.org/C197934379","wikidata":"https://www.wikidata.org/wiki/Q2047938","display_name":"Adverse effect","level":2,"score":0.46411922574043274},{"id":"https://openalex.org/C200601418","wikidata":"https://www.wikidata.org/wiki/Q2193887","display_name":"Reliability engineering","level":1,"score":0.3500928282737732},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.25795215368270874},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.22467517852783203},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.13222822546958923},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.1258247196674347},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.10081279277801514},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.077044278383255}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1145/3736252.3742572","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3736252.3742572","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3736252.3742572","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 26th ACM Conference on Economics and Computation","raw_type":"proceedings-article"}],"best_oa_location":{"id":"doi:10.1145/3736252.3742572","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3736252.3742572","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3736252.3742572","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 26th ACM Conference on Economics and Computation","raw_type":"proceedings-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.4699999988079071,"id":"https://metadata.un.org/sdg/8"}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4411945998.pdf","grobid_xml":"https://content.openalex.org/works/W4411945998.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W2899084033","https://openalex.org/W2748952813","https://openalex.org/W2357346527","https://openalex.org/W3000273033","https://openalex.org/W1484725374","https://openalex.org/W2488547039","https://openalex.org/W3123758776","https://openalex.org/W3143870752","https://openalex.org/W2248908206"],"abstract_inverted_index":{"Credit":[0],"ratings":[1,43,51,67,73],"are":[2,32],"essential":[3],"in":[4,79],"capital":[5],"markets,":[6],"serving":[7],"as":[8,77],"a":[9,25],"bridge":[10],"to":[11,41,44,61],"reduce":[12],"information":[13],"asymmetry":[14],"between":[15,65],"firms":[16],"and":[17,52,71],"investors.":[18],"However,":[19],"the":[20,35,48,62],"prevalent":[21],"issuer-pay":[22],"model":[23],"creates":[24],"potential":[26],"conflict":[27],"of":[28,50],"interest:":[29],"since":[30],"CRAs":[31],"paid":[33],"by":[34],"issuers,":[36],"they":[37],"may":[38],"have":[39],"incentives":[40],"inflate":[42],"retain":[45],"clients,":[46],"compromising":[47],"credibility":[49],"threatening":[53],"market":[54],"stability.":[55],"This":[56],"concern":[57],"is":[58],"often":[59],"linked":[60],"observed":[63],"discrepancies":[64],"solicited":[66],"(for":[68,74],"paying":[69],"firms)":[70],"unsolicited":[72],"non-paying":[75],"firms),":[76],"documented":[78],"empirical":[80],"studies.":[81]},"counts_by_year":[],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}