Credit Rating Governance

Author : Ahmed Naciri
Publisher : Routledge
Page : 250 pages
File Size : 41,9 Mb
Release : 2015-01-30
Category : Business & Economics
ISBN : 9781317634362

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Credit Rating Governance by Ahmed Naciri Pdf

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.

Author : Andrea Miglionico
Publisher : Edward Elgar Publishing
Page : 360 pages
File Size : 50,7 Mb
Release : 2019
Category : LAW
ISBN : 9781786439949

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The Governance of Credit Rating Agencies by Andrea Miglionico Pdf

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.

Author : A. Kruck
Publisher : Springer
Page : 205 pages
File Size : 53,7 Mb
Release : 2011-05-11
Category : Political Science
ISBN : 9780230307384

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Private Ratings, Public Regulations by A. Kruck Pdf

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.

Author : Herwig Langohr,Patricia Langohr
Publisher : John Wiley & Sons
Page : 524 pages
File Size : 52,5 Mb
Release : 2010-04-01
Category : Business & Economics
ISBN : 9780470714355

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The Rating Agencies and Their Credit Ratings by Herwig Langohr,Patricia Langohr Pdf

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

Author : Daniel Cash
Publisher : Routledge
Page : 170 pages
File Size : 41,6 Mb
Release : 2018-08-06
Category : Law
ISBN : 9781351107891

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Regulation and the Credit Rating Agencies by Daniel Cash Pdf

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.

Author : Ahmed Naciri
Publisher : Taylor & Francis
Page : 186 pages
File Size : 43,8 Mb
Release : 2016-12-19
Category : Business & Economics
ISBN : 9781317193005

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Sovereign Credit Rating by Ahmed Naciri Pdf

The current degradation of sovereign balance sheets raises very real concerns about how sovereign creditworthiness is measured by credit rating agencies. Given the disastrous economic and social effects of any downgrade, the book offers an alternative and calls for more transparency about the quantitative measures used in calibrating the rating process and how sovereign ratings are validated. It argues that oversight is required and procedures improved, including subjecting methodologies of assessing default to more standardization and monitoring. Sovereign Credit Rating explains the process of sovereign creditworthiness assessment and explores the consequences of possible inaccuracies in the process. Developing an innovative new methodology to assess ratings accuracy, it shows that the announcement of each rating action by the major credit rating agencies show alarming inconsistencies. Written by an internationally recognized author and professor, this unique book will be of interest to researchers and advanced students in corporate governance, accounting, public finance and regulation.

Author : Daniel Cash
Publisher : Springer
Page : 127 pages
File Size : 46,6 Mb
Release : 2018-12-17
Category : Business & Economics
ISBN : 9783030037093

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The Role of Credit Rating Agencies in Responsible Finance by Daniel Cash Pdf

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’).

Author : Daniel Cash
Publisher : Taylor & Francis
Page : 122 pages
File Size : 41,8 Mb
Release : 2023-09-22
Category : Business & Economics
ISBN : 9781000961751

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A Modern Credit Rating Agency by Daniel Cash Pdf

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.

Author : Herwig M. Langohr,Patricia Langohr
Publisher : John Wiley & Sons
Page : 662 pages
File Size : 41,9 Mb
Release : 2008
Category : Business & Economics
ISBN : STANFORD:36105132277661

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The Rating Agencies and Their Credit Ratings by Herwig M. Langohr,Patricia Langohr Pdf

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.

Author : Stella Cheung,Bank of Canada
Publisher : Unknown
Page : 46 pages
File Size : 48,5 Mb
Release : 1996
Category : Credit control
ISBN : UIUC:30112098534628

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Provincial Credit Ratings in Canada by Stella Cheung,Bank of Canada Pdf

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 184 pages
File Size : 40,6 Mb
Release : 2008
Category : Credit ratings
ISBN : STANFORD:36105050470512

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The Role of Credit Rating Agencies in the Structured Finance Market by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Pdf

Author : P. Molyneux
Publisher : Springer
Page : 307 pages
File Size : 53,7 Mb
Release : 2011-07-26
Category : Business & Economics
ISBN : 9780230313866

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Bank Strategy, Governance and Ratings by P. Molyneux Pdf

This text comprises a selection of papers that provide state-of-the-art insights into research focusing on dimensions of bank strategy, governance and the role of credit rating agencies that were presented at the European Association of University Teachers of Banking and Finance Conference, September 2010.

Author : Craig Lawrence Johnson,Kenneth A. Kriz
Publisher : Unknown
Page : 82 pages
File Size : 43,8 Mb
Release : 1999
Category : Credit ratings
ISBN : IND:30000119683450

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The Impact of Three Credit Ratings on Interest Cost by Craig Lawrence Johnson,Kenneth A. Kriz Pdf

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 80 pages
File Size : 54,7 Mb
Release : 2004
Category : Business & Economics
ISBN : LOC:00145342971

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The Ratings Game by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Pdf

Author : B. Paudyn
Publisher : Springer
Page : 233 pages
File Size : 47,6 Mb
Release : 2014-06-19
Category : Political Science
ISBN : 9781137302779

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Credit Ratings and Sovereign Debt by B. Paudyn Pdf

Bartholomew Paudyn investigates how governments across the globe struggle to constitute the authoritative knowledge underpinning the political economy of creditworthiness and what the (neoliberal) 'fiscal normality' means for democratic governance.