What determines Lloyd's market syndicates' unsolicited ratings?

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20150019202</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20150528125405.0</controlfield>
    <controlfield tag="008">150521e20150406esp|||p      |0|||b|spa d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">2</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20110019587</subfield>
      <subfield code="a">Shiu, Yun-Ming</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">What determines Lloyd's market syndicates' unsolicited ratings?</subfield>
      <subfield code="c">Yung-Ming Shiu</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">Based upon a sample of Lloyd's syndicates covering the years 20062010, we examine the determinants of (i) the likelihood of being rated and (ii) the rating that is likely to be assigned by Standard and Poor's, from which we document evidence of selectivity bias. Larger, more profitable and liquid syndicates are found to be more likely to receive a rating, and indeed, to have higher ratings. Syndicates with more reinsurance dependence are more likely to be rated, but less likely to obtain a higher rating. Our findings indicate that the signalling hypothesis dominates the uncertainty reduction theory.</subfield>
    </datafield>
    <datafield tag="610" ind1="2" ind2="1">
      <subfield code="0">MAPA20080435387</subfield>
      <subfield code="a">Lloyd's</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080586294</subfield>
      <subfield code="a">Mercado de seguros</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080542214</subfield>
      <subfield code="a">Ratios</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077100215</subfield>
      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
      <subfield code="d">Geneva : The Geneva Association, 1976-</subfield>
      <subfield code="x">1018-5895</subfield>
      <subfield code="g">06/04/2015 Volumen 40 Número 2 - abril 2015 , p. 316-333</subfield>
    </datafield>
  </record>
</collection>