The Governance Of Credit Rating Agencies
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The Governance Of Credit Rating Agencies
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Author : Andrea Miglionico
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
The Governance Of Credit Rating Agencies written by Andrea Miglionico and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with LAW categories.
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.
Credit Rating Governance
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Author : Ahmed Naciri
language : en
Publisher: Routledge
Release Date : 2015-01-30
Credit Rating Governance written by Ahmed Naciri and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-30 with Business & Economics categories.
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.
Private Ratings Public Regulations
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Author : A. Kruck
language : en
Publisher: Springer
Release Date : 2011-05-11
Private Ratings Public Regulations written by A. Kruck and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-11 with Political Science categories.
Credit rating agencies play a powerful and contentious role in the governance of global financial markets. Introducing an original framework for delegating political authority to private actors, this book explains common trends in the regulatory use of private ratings for public purposes and analyzes regulatory changes after the Financial Crisis.
The Rating Agencies And Their Credit Ratings
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Author : Herwig Langohr
language : en
Publisher: John Wiley & Sons
Release Date : 2010-04-01
The Rating Agencies And Their Credit Ratings written by Herwig Langohr and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
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
The Rating Agencies And Their Credit Ratings
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Author : Herwig M. Langohr
language : en
Publisher: John Wiley & Sons
Release Date : 2008
The Rating Agencies And Their Credit Ratings written by Herwig M. Langohr and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This title 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.
The Role Of Credit Rating Agencies In Responsible Finance
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Author : Daniel Cash
language : en
Publisher: Springer
Release Date : 2018-12-17
The Role Of Credit Rating Agencies In Responsible Finance written by Daniel Cash and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-17 with Business & Economics categories.
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 ‘Big Two’ Credit Rating Agencies – Standard & Poor’s and Moody’s – have finally received record fines for their conduct in the run-up to the Financial Crisis. There is a need, then, to examine the incorporation of the Credit Rating Agencies into such a progressive initiative. To achieve this objective, this book examines the field of ‘responsible investing’, the credit rating industry, and the power dynamic that exists between the rating industry, investors, and the PRI (via its ‘Initiative’).
Credit Rating Agencies And The Financial Crisis
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Author : United States. Congress. House. Committee on Oversight and Government Reform
language : en
Publisher:
Release Date : 2009
Credit Rating Agencies And The Financial Crisis written by United States. Congress. House. Committee on Oversight and Government Reform and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Regulation And The Credit Rating Agencies
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Author : Daniel Cash
language : en
Publisher: Routledge
Release Date : 2018-08-06
Regulation And The Credit Rating Agencies written by Daniel Cash and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-06 with Law categories.
This book examines the transgressions of the credit rating agencies before, during and after the recent financial crisis. It proposes that by restricting the agencies’ ability to offer ancillary services there stands the opportunity to limit, in an achievable and practical manner, the potentially negative effect that the Big Three rating agencies – Standard & Poor’s, Moody’s and Fitch – may have upon the financial sector and society moreover. The book contains an extensive and in-depth discussion about how the agencies ascended to their current position, why they were able to do so and ultimately their behaviour once their position was cemented. This work offers a new framework for the reader to follow, suggesting that investors, issuers and the state have a ‘desired’ version of the agencies in their thinking and operate upon that basis when, in fact, those imagined agencies do not exist, as demonstrated by the ‘actual’ conduct of the agencies. The book primarily aims to uncover this divergence and reveal the ‘real’ credit rating agencies, and then on that basis propose a real and potentially achievable reform to limit the negative effects that result from poor performance in this Industry. It addresses the topics with regard to financial regulation and the financial crisis, and will be of interest to legal scholars interested in the intersection between business and he law as well as researchers, academics, policymakers, industry and professional associations and students in the fields of corporate law, banking and finance law, financial regulation, corporate governance and corporate finance.
The Ratings Game
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
language : en
Publisher:
Release Date : 2004
The Ratings Game written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
A Modern Credit Rating Agency
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Author : Daniel Cash
language : en
Publisher: Taylor & Francis
Release Date : 2023-09-22
A Modern Credit Rating Agency written by Daniel Cash and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-22 with Business & Economics categories.
This book aims to present a picture of one of the world’s leading credit rating agencies. Credited as being the first credit rating agency, Moody’s stands as the epitome of the rating sector and all that it effects. However, outside of internal and non-public histories compiled within the rating agency itself, the story of Moody’s has never been told, until now. However, this is not a historical book. Rather, this book paints a picture of Moody’s on a wider canvas that introduces the concept of rating to you, taking into account the origins of the sector, the competitive battles that formed the modern-day oligopoly, and the characters that have each taken their turn on sculpting the industry that, today, is critical to the modern economy. The book is a story of personable people who provided the market with what it needed, but it is more than that. It is a story of conflict, impact, strategy, and most of all the relationship between big business and modern society. Standing as the gatekeeper to the capital markets that form the core of modern society, Moody’s represents the very best of what the marketplace can produce, but also the very worst. This story takes in economic crises in the antebellum US, the Panics of the early 1900s, the Wall Street Crash and the Great Depression and, of course, the Global Financial Crisis. It does this because, at the heart of each one was a member of the rating industry or the reporting industry that preceded it. Associated with almost any financial scandal you may care to remember the credit rating agencies, in their often-uncomfortable role as gatekeepers, have their fingerprints on most financial scandals and calamities. This book tells the story of the industry’s founding member.