{"id":"W4205325646","doi":"10.2139/ssrn.3967788","title":"Rating Agency Beliefs and Credit Market Distortions","year":2021,"lang":"en","type":"article","venue":"SSRN Electronic Journal","topic":"Banking stability, regulation, efficiency","field":"Economics, Econometrics and Finance","cited_by":1,"is_retracted":false,"has_abstract":false,"ca_institutions":"McGill University","funders":"","keywords":"Credit rating; Agency (philosophy); Bond credit rating; Business; Bond market; Financial system; Credit enhancement; Credit reference; Accounting; Actuarial science; Economics; Credit risk; Sociology","routes":{"ca_aff":true,"ca_fund":false,"ca_venue":false,"about_ca":false,"invisible_to_affiliation_only":false},"retraction":null,"screen":null,"direct_labels":[],"prediction":{"model_version":"metacan-v3-hybrid-931329e0061c","candidate_categories":[],"consensus_categories":[],"category_scores_codex":[0.007212803,0.0002237208,0.0003711396,0.0008394311,0.0002977753,0.003151467,0.0004120291,0.001339581,0.006037038],"category_scores_gemma":[0.1028394,0.0002782404,0.0002650991,0.000835667,0.0008926713,0.001379358,0.0005303047,0.001540859,0.0006434838],"about_ca_system_candidate":false,"about_ca_system_consensus":false,"about_ca_system_score_codex":0.0007130111,"about_ca_system_score_gemma":0.0002433133,"about_ca_topic_candidate":false,"about_ca_topic_consensus":false,"about_ca_topic_score_codex":0.002397223,"about_ca_topic_score_gemma":0.002434505,"domain_scores_codex":[0.9974268,0.001269106,0.0002638011,0.0002921148,0.0005523824,0.0001956414],"domain_scores_gemma":[0.815782,0.1133486,0.04919076,0.01068967,0.00802683,0.002962113],"domain_codex":null,"domain_gemma":null,"domain_candidate":null,"domain_consensus":null,"study_design_codex":"observational","study_design_gemma":"observational","study_design_scores_codex":[0.001982842,0.0006445344,0.9024376,0.0001161069,0.0004229448,0.0004616482,0.001702557,0.008703709,0.002924462,0.03238608,0.002079347,0.04613812],"study_design_scores_gemma":[0.0002106366,0.000421506,0.9295394,0.00006549063,0.00025285,0.0007413842,0.001286112,0.02677434,0.0009730146,0.03804463,0.001619686,0.00007097168],"study_design_candidate":"observational","study_design_consensus":"observational","genre_codex":"empirical","genre_gemma":"empirical","genre_scores_codex":[0.9777835,0.0005653937,0.002542387,0.00112596,0.0000150752,0.00002507845,0.000136499,0.00001998979,0.01778614],"genre_scores_gemma":[0.9992082,0.00007102385,0.0001523937,0.00003183725,0.00001746147,0.0000023128,0.00003164401,0.000002547222,0.0004826012],"genre_candidate":"empirical","genre_consensus":"empirical","teacher_disagreement_score":0.007212803,"threshold_uncertainty_score":0.03814542,"prediction_status":"machine_predicted_unvalidated"},"machine_scores":{"provisional":true,"baseline":true,"maturity_gate_passed":false,"score_opus":0.01125512321440138,"score_gpt":0.2151705192187665,"score_spread":0.2039153960043651,"validation_status":"score_only:v0-immature-baseline","note":"Baseline scores from an immature model (maturity gate not passed). Scores rank; they never assert a category."}}