The Independence of Credit Rating Agencies

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

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  • Author : Gianluca Mattarocci
  • Publisher : Academic Press
  • Pages : 200 pages
  • ISBN : 012404736X
  • Rating : 4/5 from 21 reviews
CLICK HERE TO GET THIS BOOKThe Independence of Credit Rating Agencies

The Independence of Credit Rating Agencies

The Independence of Credit Rating Agencies
  • Author : Gianluca Mattarocci
  • Publisher : Academic Press
  • Release : 22 October 2013
GET THIS BOOKThe Independence of Credit Rating Agencies

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

The independence of rating agencies

The independence of rating agencies
  • Author : Jochen Schweizer
  • Publisher : GRIN Verlag
  • Release : 12 November 2014
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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

Public Credit Rating Agencies

Public Credit Rating Agencies
  • Author : Susan K Schroeder
  • Publisher : Springer
  • Release : 09 September 2015
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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

The Governance of Credit Rating Agencies

The Governance of Credit Rating Agencies
  • Author : Andrea Miglionico
  • Publisher : Edward Elgar Publishing
  • Release : 19 October 2021
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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

Wall Street and the Financial Crisis

Wall Street and the Financial Crisis
  • Author : Senate Subcommittee on Investigations
  • Publisher : Cosimo, Inc.
  • Release : 01 July 2011
GET THIS BOOKWall Street and the Financial Crisis

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

Credit Rating Agencies

Credit Rating Agencies
  • Author : Mohammed Hemraj
  • Publisher : Springer
  • Release : 22 June 2015
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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

Credit Rating Agencies on the Watch List

Credit Rating Agencies on the Watch List
  • Author : Raquel García Alcubilla,Javier Ruiz del Pozo
  • Publisher : OUP Oxford
  • Release : 29 March 2012
GET THIS BOOKCredit Rating Agencies on the Watch List

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 Agencies and Their Credit Ratings

The Rating Agencies and Their Credit Ratings
  • Author : Herwig Langohr,Patricia Langohr
  • Publisher : John Wiley & Sons
  • Release : 01 April 2010
GET THIS BOOKThe Rating Agencies and Their Credit Ratings

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

Legitimacy in European Administrative Law

Legitimacy in European Administrative Law
  • Author : Dornburg Research Group on New Administrative Law. Workshop
  • Publisher : Trans Pacific Press
  • Release : 19 October 2021
GET THIS BOOKLegitimacy in European Administrative Law

Administrative law has been the object of thorough reform in various European jurisdictions. This process of transformation has considerable impacts on administrative legal scholarship in the respective countries. Profound changes in administrative activity have established new forms of administrative institutions which raise issues of legitimacy. Besides the consensus that administrative law, administrative activities, and administrative institutions have to be legitimate, the concept of legitimacy with respect to a common European framework is more than ambiguous. An analysis of the concept

The Role of Credit Rating Agencies in Responsible Finance

The Role of Credit Rating Agencies in Responsible Finance
  • Author : Daniel Cash
  • Publisher : Springer
  • Release : 17 December 2018
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This Palgrave Pivot aims to examine the bourgeoning relationship between the Principles for Responsible Investment and the Credit Rating Industry. Since May of 2016, when the partnership was initially publicised, the PRI have endeavoured to incorporate Credit Rating Agencies into its initiative via its ‘ESG in Credit Ratings Initiative’, and have been working diligently to find, and create common ground between Credit Rating Agencies and Institutional Investors seeking to be more forward-looking in their investment approaches. However, in recent years the ‘

Third-Party Certifiers

Third-Party Certifiers
  • Author : Jan De Bruyne
  • Publisher : Kluwer Law International B.V.
  • Release : 12 July 2019
GET THIS BOOKThird-Party Certifiers

Third-Party Certifiers Jan De Bruyne Third-party certifiers are organisations that are independent a requesting entity. They attest that a product, service, information or person possesses certain qualifications or meets safety, quality or technical standards. This important book presents an in-depth analysis of the liability and obligations of certifiers, evaluates existing certification processes in selected fields and proposes new mechanisms which could increase the accuracy and reliability of certifiers’ ratings, marks or reports. Highlighting the risks of errors in this activity –

The Effect of Accrual Quality, Real Activities Earnings Management and Corporate Governance on Credit Ratings

The Effect of Accrual Quality, Real Activities Earnings Management and Corporate Governance on Credit Ratings
  • Author : Matthew Geiszler,Kent State University. Department of Accounting,OhioLINK Electronic Theses and Dissertations Center
  • Publisher : Unknown Publisher
  • Release : 19 October 2021
GET THIS BOOKThe Effect of Accrual Quality, Real Activities Earnings Management and Corporate Governance on Credit Ratings

One of the most fundamental questions in accounting research is how do different market participants interpret and use the information provided by accountants. Credit rating agencies are major users of financial statements that generate contemporary attention in the accounting literature. As noted by Standard and Poor's, accounting information is a critical element of the credit rating process. In addition, the recent credit crisis has generated increased scrutiny of the credit rating process and the ratings agencies. These issues motivate this