Articles by Ramin Baghai, Bo Becker, Stefan Pitschner:

Credit Ratings: What Are They Good For?

The financial crisis of 2008–10 revealed that ratings are imperfect and potentially biased measures of credit risk. Analyzing a large number of mutual fund prospectuses, new research reveals there has been no decrease in the use of credit ratings in investment mandates. The findings point to a lack of better alternatives and suggest that regulation seeking to curb their usage may not be optimal.  

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