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The Independence Of Credit Rating Agencies

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The Independence of Credit Rating Agencies

The Independence of Credit Rating Agencies Book
Author : Gianluca Mattarocci
Publisher : Academic Press
Release : 2013-10-22
ISBN : 012404736X
Language : En, Es, Fr & De

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Book Description :

The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability. Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies. This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait. Reports on one of the key causes of the 2008 financial crisis: agencies that failed to understand how to analyze financial products Describes inherent business model and pricing conflicts that compromise the independence of credit rating agencies Reveals how rating agencies large and small, regulatory bodies, and vested interests interact in setting fees and policies

The independence of rating agencies

The independence of rating agencies Book
Author : Jochen Schweizer
Publisher : GRIN Verlag
Release : 2014-11-12
ISBN : 3656836582
Language : En, Es, Fr & De

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Book Description :

Seminar paper from the year 2011 in the subject Business economics - Controlling, grade: 2,0, Rhine-Waal University of Applied Sciences, language: English, abstract: Since the financial crisis in 2008, rating agencies are in the spotlight. Often they were blamed by politicians and economists for causing the crisis, because they rated some financial products with an excellent grade, without exactly knowing what was really behind these products. To understand why and how Credit Rating Agencies like Standard & Poors, Fitch and Moody's rate, we have to look closer at the CRA and their rating in order to understand how they work. In this research paper I will take a critical look at these institutions. I will talk about the independence of these global oriented enterprises and I will analyze their impact on the financial market and the politics in order to demonstrate why they are so powerful like quoted above.

Wall Street and the Financial Crisis Anatomy of a Financial Collapse

Wall Street and the Financial Crisis  Anatomy of a Financial Collapse Book
Author : Anonim
Publisher : DIANE Publishing
Release : 2023-02-01
ISBN : 1437984673
Language : En, Es, Fr & De

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Book Description :

Download Wall Street and the Financial Crisis Anatomy of a Financial Collapse book written by , available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

The Independence of Credit Rating Agencies

The Independence of Credit Rating Agencies Book
Author : Gianluca Mattarocci
Publisher : Unknown
Release : 2013-11-11
ISBN : 9780124045699
Language : En, Es, Fr & De

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Book Description :

This title examines the roles played by credit rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait.

The Governance of Credit Rating Agencies

The Governance of Credit Rating Agencies Book
Author : Andrea Miglionico
Publisher : Edward Elgar Publishing
Release : 2019
ISBN : 1786439948
Language : En, Es, Fr & De

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Book Description :

The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.

The Rating Agencies and Their Credit Ratings

The Rating Agencies and Their Credit Ratings Book
Author : Herwig Langohr,Patricia Langohr
Publisher : John Wiley & Sons
Release : 2010-04-01
ISBN : 0470714352
Language : En, Es, Fr & De

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Book Description :

Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off between risk and return. However, they have also been strongly criticised for failing to spot the Asian crisis in the early 1990s, the Enron, WorldCom and Parmalat collapses in the early 2000s and finally for their ratings of subprime-related structured finance instruments and their role in the current financial crisis. This book is a guide to ratings, the ratings industry and the mechanics and economics of obtaining a rating. It sheds light on the role that the agencies play in the international financial markets. It avoids the sensationalist approach often associated with studies of rating scandals and the financial crisis, and instead provides an objective and critical analysis of the business of ratings. The book will be of practical use to any individual who has to deal with ratings and the ratings industry in their day-to-day job. Reviews "Rating agencies fulfil an important role in the capital markets, but given their power, they are frequently the object of criticism. Some of it is justified but most of it portrays a lack of understanding of their business. In their book The Rating Agencies and their Credit Ratings, Herwig and Patricia Langohr provide an excellent economic background to the role of rating agencies and also a thorough understanding of their business and the problems they face. I recommend this book to all those who have an interest in this somewhat arcane but extremely important area." -Robin Monro-Davies, Former CEO, Fitch Ratings. "At a time of unprecedented public and political scrutiny of the effectiveness and indeed the basic business model of the Credit Rating industry, and heightened concerns regarding the transparency and accountability of the leading agencies, this book provides a commendably comprehensive overview, and should provide invaluable assistance in the ongoing debate." -Rupert Atkinson, Managing Director, Head of Credit Advisory Group, Morgan Stanley and member of the SIFMA Rating Agency Task Force "The Langohrs have provided useful information in a field where one frequently finds only opinions or misconceptions. They supply a firm base from which to understand changes now underway. A well-read copy of this monograph should be close to the desk of every investor, issuer and financial regulator, legislator or commentator." -John Grout, Policy and Technical Director, The Association of Corporate Treasurers

Public Credit Rating Agencies

Public Credit Rating Agencies Book
Author : Susan K Schroeder
Publisher : Palgrave Macmillan
Release : 2015-09-09
ISBN : 9781137365804
Language : En, Es, Fr & De

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Book Description :

Public Credit Rating Agencies argues for the creation of national public credit rating agencies, offering the first in-depth discussion of its implied role and function operating alongside private agencies.

Credit Rating Agencies on the Watch List

Credit Rating Agencies on the Watch List Book
Author : Raquel García Alcubilla,Javier Ruiz del Pozo
Publisher : OUP Oxford
Release : 2012-03-29
ISBN : 0191640999
Language : En, Es, Fr & De

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Book Description :

Credit rating agencies have been criticized for their role in the financial crisis by understating credit risk. The US subprime mortgage crisis highlighted the systemic relevance of the rating agencies and the deficiencies in their activities; this led to an international consensus to regulate the rating business. Written by those involved in developing European Legislation, this book explains EU Regulation in the context of global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address failures within the rating industry. Through an in-depth analysis of the EU Regulation's requirements on governance, conflicts of interest, methodologies, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. Moreover, it examines the supervisory and enforcement powers of ESMA, the EU authority in charge of the registration and oversight of rating agencies. This is complemented with an analysis of guidance from supervisors (ESMA and EBA), IOSCO's recommendations, and US legislation. The book discusses possible new regulatory developments in areas such as the agencies' business model, competition, civil liability, and ratings of sovereign debt, in light of the Euro debt sovereign crisis. It concludes with the authors' support for an enhanced regulatory and oversight coordination at international level and for the implementation of the necessary steps to reduce the existing over-reliance on ratings.

Credit Rating Agencies

Credit Rating Agencies Book
Author : Mohammed Hemraj
Publisher : Springer
Release : 2015-06-22
ISBN : 3319179276
Language : En, Es, Fr & De

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Book Description :

The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities ‘3-A’ investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the “Reform Act” and “Dodd-Frank Act” in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and regulators’ attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.

EU Supervision of Credit Rating Agencies

EU Supervision of Credit Rating Agencies Book
Author : Anonim
Publisher : Unknown
Release : 2015
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

"The 2008 financial crisis focused attention on the credit rating agencies and their impact on financial markets. At the time, there was very little regulation of the agencies in Europe. In 2011, the European Securities and Markets Authority (ESMA) was created to register, monitor and supervise them. This report examines whether ESMA has successfully established itself as the credit rating agencies watchdog for the EU. We conclude that while ESMA has laid down good foundations, its rules and guidelines are not yet complete and significant risks remain to be addressed in the future."--Publisher's description.

The role of credit rating agencies A blessing or a curse

The role of credit rating agencies  A blessing or a curse Book
Author : Muddassar Rasheed Malik
Publisher : GRIN Verlag
Release : 2019-02-18
ISBN : 3668879168
Language : En, Es, Fr & De

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Book Description :

Seminar paper from the year 2011 in the subject Economics - Finance, , course: Bank Financial Management, language: English, abstract: This report is examining the role of credit rating agencies and in further details arguments in its favor and against its favor are examined. In the beginning the role of credit rating agencies is defined and later methodological approaches to this topic are discussed, and afterwards, an analysis of pros and cons of credit rating agencies is conducted. To the end recommendations and suggestions to credit rating agencies for better performances are listed. Generally, credit rating agencies are playing vital role in markets and they united dispersed information comprehensively. Through this approach it is easier for investors or issuers to understand the real position of different concerns before taking any final decisions, beside this fact it is also in observation that credit rating agencies have some flaws which need to be addressed, like favoritism and unsolicited credit rating issuance. It is recommended to have transparency, scheduled active ratings and strict follow up with regulated authorities.

The Role and Impact of Credit Rating Agencies on the Subprime Credit Markets

The Role and Impact of Credit Rating Agencies on the Subprime Credit Markets Book
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Release : 2009
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download The Role and Impact of Credit Rating Agencies on the Subprime Credit Markets book written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

The Role of Credit Rating Agencies in the Global Financial System and the Associated Problems

The Role of Credit Rating Agencies in the Global Financial System and the Associated Problems Book
Author : Jan Pohlmann
Publisher : Unknown
Release : 2019-07-12
ISBN : 9783668993921
Language : En, Es, Fr & De

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Book Description :

Seminar paper from the year 2019 in the subject Business economics - Investment and Finance, language: English, abstract: The objective of this seminar paper is to illuminate the work and role of credit rating agencies in the global financial system and to explain and understand the general criticism directed at them. In addition, their special part in the subprime crisis of 2008 will be analysed and an estimation will be made of how much responsibility they bear in the crisis.

Oversight of the Credit Rating Agencies Post Dodd Frank

Oversight of the Credit Rating Agencies Post Dodd Frank Book
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Publisher : Unknown
Release : 2012
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Oversight of the Credit Rating Agencies Post Dodd Frank book written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Examining the Role of Credit Rating Agencies in the Captial sic Markets

Examining the Role of Credit Rating Agencies in the Captial  sic  Markets Book
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Release : 2006
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Examining the Role of Credit Rating Agencies in the Captial sic Markets book written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Rating the rating agencies

Rating the rating agencies Book
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Release : 2003
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Rating the rating agencies book written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Regulating Credit Rating Agencies

Regulating Credit Rating Agencies Book
Author : Aline Darbellay,
Publisher : Edward Elgar Publishing
Release : 2013-09-30
ISBN : 085793936X
Language : En, Es, Fr & De

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Book Description :

øŠAline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formul

Sustainability Rating Agencies vs Credit Rating Agencies

Sustainability Rating Agencies vs Credit Rating Agencies Book
Author : Daniel Cash
Publisher : Springer Nature
Release : 2021-04-16
ISBN : 3030716937
Language : En, Es, Fr & De

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Book Description :

This book details the difference between the two rating industries, but this difference is converging all the time. The concept of investing in a more responsible and sustainable manner is drawing in some of the world’s leading investors and, with it, regulations and policies are developing at the highest levels. However, the market is not getting what it needs to fully submit to the concept of responsible investing. It has called for more to be done from those tasked with injecting information into their processes, and two industries in particular have been identified as being natural partners. It has been suggested that they are on a collision course to serve the mainstream investor, and in this book, that collision course is contextualised, explained, presented, and finally its outcome predicted.

Sovereign Rating News and Financial Markets Spillovers

Sovereign Rating News and Financial Markets Spillovers Book
Author : Mr.Rabah Arezki,Bertrand Candelon,Mr.Amadou N. R. Sy
Publisher : International Monetary Fund
Release : 2011-03-01
ISBN : 1455227110
Language : En, Es, Fr & De

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Book Description :

This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The sign and magnitude of the spillover effects depend both on the type of announcements, the source country experiencing the downgrade and the rating agency from which the announcements originates. However, we also find evidence that downgrades to near speculative grade ratings for relatively large economies such as Greece have a systematic spillover effects across Euro zone countries. Rating-based triggers used in banking regulation, CDS contracts, and investment mandates may help explain these results.

Reforming Credit Rating Agencies

Reforming Credit Rating Agencies Book
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Release : 2010
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Reforming Credit Rating Agencies book written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.