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The Independence of Credit Rating Agencies

The Independence of Credit Rating Agencies
  • Author : Gianluca Mattarocci
  • Publisher :Unknown
  • Release Date :2013-10-22
  • Total pages :200
  • ISBN : 9780124047365
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Summary : 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

Exam Prep for: The Independence of Credit Rating Agencies; ...

Exam Prep for: The Independence of Credit Rating Agencies; ...
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :2021
  • Total pages :229
  • ISBN : 1230987654XX
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Summary :

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

Examining the Role of Credit Rating Agencies in the Captial [sic] Markets
  • Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
  • Publisher :Unknown
  • Release Date :2006
  • Total pages :202
  • ISBN : PSU:000059286196
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Summary :

Assessing the Current Oversight and Operations of Credit Rating Agencies

Assessing the Current Oversight and Operations of Credit Rating Agencies
  • Author : United States,United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
  • Publisher :Unknown
  • Release Date :2007
  • Total pages :60
  • ISBN : PSU:000063506709
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Summary :

Wall Street and the Financial Crisis: The role of credit rating agencies, April 23, 2010

Wall Street and the Financial Crisis: The role of credit rating agencies, April 23, 2010
  • Author : United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations
  • Publisher :Unknown
  • Release Date :2010
  • Total pages :229
  • ISBN : UCBK:C106475208
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Summary :

Rating the rating agencies

Rating the rating agencies
  • Author : United States,United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
  • Publisher :Unknown
  • Release Date :2003
  • Total pages :230
  • ISBN : PURD:32754075578843
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Summary :

Public Credit Rating Agencies

Public Credit Rating Agencies
  • Author : Susan K Schroeder
  • Publisher :Unknown
  • Release Date :2015-09-09
  • Total pages :196
  • ISBN : 9781137359117
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Summary : In the aftermath of the Global Financial Crisis, there have been many criticisms weighed against private credit rating agencies. Many claim they only exacerbate financial market volatility by issuing faulty public statements, ratings warnings, and downgrades. This instability increases the uncertainty in business environments and weakens the pace of business investment. Their rating changes also prompt national governments to reduce their spending at a time when fiscal expenditures are crucial for economic recovery. Public Credit Rating Agencies argues for the creation of national public credit rating agencies, offering the first in-depth discussion of their implied role and function operating alongside private agencies. Schroeder provides an up-to-date overview of the ratings industry and the government bodies that monitor its activities. She suggests that the proper implementation of public credit rating agencies will promote the stability of lending, further development and adaptation of new technology, and increase labor productivity and the profitability of new investment in businesses. Finally, this book clarifies the inconsistencies that have surfaced between public budgeting and a rating agency's evaluation of national budgets.

The independence of rating agencies

The independence of rating agencies
  • Author : Jochen Schweizer
  • Publisher :Unknown
  • Release Date :2014-11-12
  • Total pages :11
  • ISBN : 9783656836582
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Summary : 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.

Credit Rating Agencies and Their Potential Impact on Developing Countries

Credit Rating Agencies and Their Potential Impact on Developing Countries
  • Author : Marwan Elkhoury
  • Publisher :Unknown
  • Release Date :2008
  • Total pages :27
  • ISBN : UCSD:31822037140555
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Summary :

Credit Rating Governance

Credit Rating Governance
  • Author : Ahmed Naciri
  • Publisher :Unknown
  • Release Date :2015-01-30
  • Total pages :250
  • ISBN : 9781317634355
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Summary : Credit rating agencies play an essential role in the modern financial system and are relied on by creditors and investors on the market. In the recent financial crisis, their power and reliability were often questioned, yet a simple rating downgrade could threaten to bankrupt a whole country. This book examines the governance of credit rating agencies, as expressed by their ability to fairly, ethically and consistently assign higher rates to issuers having lesser default risks. However, factors such as the drive for increased revenue and market share, the inadequate business model, the inadequate methodology of assessing risk, opacity and inadequate internal monitoring have all been identified as critical governance failures for credit agencies. This book explores these issues, and proposes some potential solutions and improvements. This will be of interest to researchers and advanced students of corporate finance, finance, financial economics, risk management, investment management, and banking.

Macroeconomic Effects of Risk Retention Requirements

Macroeconomic Effects of Risk Retention Requirements
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :2021
  • Total pages :229
  • ISBN : 9781437980363
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Summary :

The Rating Agencies and Their Credit Ratings

The Rating Agencies and Their Credit Ratings
  • Author : Herwig Langohr,Patricia Langohr
  • Publisher :Unknown
  • Release Date :2010-04-01
  • Total pages :524
  • ISBN : 9780470714355
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Summary : 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

Standard & Poor's Creditweek

Standard & Poor's Creditweek
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :2009-03
  • Total pages :229
  • ISBN : NWU:35556039246848
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Summary :

The Credit Rating Industry

The Credit Rating Industry
  • Author : Fabian Dittrich
  • Publisher :Unknown
  • Release Date :2007-08-01
  • Total pages :180
  • ISBN : 1847999506
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Summary : This study provides a comprehensive analysis of credit rating economics and draws conclusions on the nature of regulation. It starts with an overview of the credit rating industry and introduces a framework that structures multiple rating agency functions. At the heart of the credit rating business model lies the reputation mechanism, which is analyzed in detail. After analyzing the reputation mechanism, the study takes a wider look at the industry and identifies the forces behind credit rating supply and demand. From an industrial organization perspective competition in the credit rating industry is limited. A comprehensive review of potential reasons for regulating the credit rating industry, however, reveals that there are only few compelling arguments. The regulatory approaches of the EU under the Capital Requirements Directive of 2005 and the USA under the Credit Rating Agency Reform Act of 2006 are contrasted against an optimal regulatory regime.

Wall Street and the Financial Crisis

Wall Street and the Financial Crisis
  • Author : Senate Subcommittee on Investigations
  • Publisher :Unknown
  • Release Date :2011-07-01
  • Total pages :664
  • ISBN : 9781616405458
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Summary : After a two-year investigation by the Senate Permanent Subcommittee on Investigation, their report, Wall Street and the Financial Crisis: Anatomy of a Financial Collapse was released in April 2011. This is the most damning official report to date on Wall Street's role in the financial crisis. It describes the wheeling and dealing of bankers and others who benefited from the housing bubble while impoverishing the rest of America. It also offers four very clear causes of the financial crisis and, last but not least, it names culprits: - High risk mortgage loans by commercial banks were "the fuel that ignited the financial crisis" (describing the case study of Washington Mutual Bank, the sixth largest commercial bank at the time of its failure in September, 2008 ) - Failures by regulators "set the stage for mortgage loan losses that were a proximate cause of the financial crisis" (describing the case study of the Office of the Thrift Supervision, which was closed in 2010 and whose operations folded into the Office of the Comptroller of the Currency); - Inaccurate AAA credit ratings by the two largest credit rating agencies "constituted a key cause of the financial crisis" (describing Moody's and Standard & Poor's conflicts of interest while both had a quasi-monopoly position in the market for credit ratings); - Investment bank abuses: "The Investment banks that engineered, sold, traded, and profited from mortgage-related structured finance products were a major cause of the financial crisis" (describing case studies of Goldman Sachs and Deutsche Bank). This report and its detailed case studies are a must-read for policymakers, politicians, justice officials, bankers, journalists, academics and concerned citizens in order to understand what brought the economy to the brink of destruction. The U.S. SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS (PSI) is a bi-partisan team of senators that deals with Homeland Security and Governmental Affairs, and is currently headed by Senator Carl Levin (D-MI) and Senator Tom Coburn (R-OK). Formerly known as the Committee on Government Operations, PSI is the oldest subcommittee of the Senate Homeland Security Committee.

Financial crisis

Financial crisis
  • Author : Antonio Sánchez Serrano
  • Publisher :Unknown
  • Release Date :2013-12
  • Total pages :130
  • ISBN : 9781291591477
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Summary : How did we get into this deep financial crisis? Why ""Europe is different""? Is it enough with an increase in the capital requirements of banks? Are incentives of everybody in the financial system aligned with the common good? Are policies aiming at the right target? What should be done to mitigate the effects of this crisis? And to prevent the next one? To this and to many other questions, we try to answer in this book, written in a didactic way which also those with no economic background can understand and follow.

Credit Rating Governance

Credit Rating Governance
  • Author : Ahmed Naciri
  • Publisher :Unknown
  • Release Date :2015-01-30
  • Total pages :232
  • ISBN : 9781317634362
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Summary : Credit rating agencies play an essential role in the modern financial system and are relied on by creditors and investors on the market. In the recent financial crisis, their power and reliability were often questioned, yet a simple rating downgrade could threaten to bankrupt a whole country. This book examines the governance of credit rating agencies, as expressed by their ability to fairly, ethically and consistently assign higher rates to issuers having lesser default risks. However, factors such as the drive for increased revenue and market share, the inadequate business model, the inadequate methodology of assessing risk, opacity and inadequate internal monitoring have all been identified as critical governance failures for credit agencies. This book explores these issues, and proposes some potential solutions and improvements. This will be of interest to researchers and advanced students of corporate finance, finance, financial economics, risk management, investment management, and banking.

Federal Securities Law Reporter

Federal Securities Law Reporter
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :1941
  • Total pages :229
  • ISBN : STANFORD:36105134483150
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Summary :

The Economics of Credit Rating Agencies

The Economics of Credit Rating Agencies
  • Author : Chester Spatt,FRANCESCO. SPATT SANGIORGI (CHESTER.)
  • Publisher :Unknown
  • Release Date :2017-12-18
  • Total pages :136
  • ISBN : 1680833804
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Summary : Explores the economic and regulatory issues and frictions associated with credit rating agencies in the aftermath of the financial crisis.

PLI's Annual Institute on Securities Regulation in Europe

PLI's Annual Institute on Securities Regulation in Europe
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :2003
  • Total pages :229
  • ISBN : STANFORD:36105063638550
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Summary :

Indonesia Assessment 1994

Indonesia Assessment 1994
  • Author : Ross H. McLeod
  • Publisher :Unknown
  • Release Date :1994
  • Total pages :353
  • ISBN : 9789813016989
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Summary :