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Prof. Thomas Cooley's research on credit ratings is cited

Excerpt from The Economist -- "A new NBER paper by Harold Cole at the University of Pennsylvania and Thomas Cooley of the Stern School of Business also challenges the notion that it would be better to get the investors who are buying bonds to pay for ratings. They might choose not to release the ratings they pay for, it points out. Patchy information, in turn, could increase the likelihood that the market would misprice securities."

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Additional coverage appeared on CFO.