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Author : Anonim
Publisher : DIANE Publishing
Page : 156 pages
File Size : 40,7 Mb
Release : 2024-06-30
Category : Electronic
ISBN : 9781422333181
Author : United States. Congress,United States House of Representatives,Committee on Financial Services
Publisher : Createspace Independent Publishing Platform
Page : 156 pages
File Size : 45,8 Mb
Release : 2018-01-30
Category : Electronic
ISBN : 1984371347
Legislative solutions for the rating agency duopoly : hearing before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Ninth Congress, first session, June 29, 2005.
Author : United States House of Representatives,Committee on Financial Services (house),United S Congress
Publisher : Unknown
Page : 158 pages
File Size : 42,6 Mb
Release : 2020-01-27
Category : Electronic
ISBN : 9798603993126
Legislative solutions for the rating agency duopoly: hearing before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Ninth Congress, first session, June 29, 2005.
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 160 pages
File Size : 41,6 Mb
Release : 2006
Category : Credit bureaus
ISBN : STANFORD:36105063993377
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 160 pages
File Size : 52,8 Mb
Release : 2006
Category : Credit bureaus
ISBN : PSU:000058153642
Author : United States. Congress. House. Committee on Financial Services
Publisher : Unknown
Page : 40 pages
File Size : 48,6 Mb
Release : 2006
Category : Credit bureaus
ISBN : PURD:32754076768070
Author : United States. Congress,United States House of Representatives,Committee on Financial Services
Publisher : Createspace Independent Publishing Platform
Page : 96 pages
File Size : 42,7 Mb
Release : 2018-01-30
Category : Electronic
ISBN : 1984370944
H.R. 2990--the Credit Rating Agency Duopoly Relief Act : hearing before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Ninth Congress, first session, November 29, 2005.
Author : United States. Congress. House. Committee on Financial Services
Publisher : Unknown
Page : 212 pages
File Size : 50,8 Mb
Release : 2007
Category : Electronic
ISBN : PURD:32754082300314
Author : Herwig Langohr,Patricia Langohr
Publisher : John Wiley & Sons
Page : 524 pages
File Size : 54,5 Mb
Release : 2010-04-01
Category : Business & Economics
ISBN : 9780470714355
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 : United States. Congress. House. Committee on Financial Services
Publisher : Unknown
Page : 264 pages
File Size : 41,8 Mb
Release : 2005
Category : Banks and banking
ISBN : MINN:31951P00946950J
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 96 pages
File Size : 44,9 Mb
Release : 2006
Category : Business & Economics
ISBN : PSU:000058162149
Author : Yasuyuki Fuchita,Robert E. Litan
Publisher : Brookings Institution Press
Page : 216 pages
File Size : 42,9 Mb
Release : 2007-02-01
Category : Business & Economics
ISBN : 9780815729822
Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. F inancial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute)
Author : Jonathan Macey
Publisher : FT Press
Page : 283 pages
File Size : 40,5 Mb
Release : 2013-03-20
Category : Business & Economics
ISBN : 9780133039719
Why did the financial scandals really happen? Why are they continuing to happen? In The Death of Corporate Reputation, Yale's Jonathan Macey reveals the real, non-intuitive reason, and offers a new path forward. For over a century law firms, investment banks, accounting firms, credit rating agencies and companies seeking regular access to U.S. capital markets made large investments in their reputations. They treated customers well and sometimes endured losses in transactions or business deals in order to sustain and nurture their reputations as faithful brokers and “gate-keepers.” This has changed completely . The existing business model among leading participants in today’s capital markets no longer treats customers as valued clients whose trust must be earned and nurtured, but as one-off “counter-parties” to whom no duties are owed and no loyalty is required . The rough and tumble norms of the market-place have replaced the long-standing reputational model in U.S. finance. This book describes the transformation in American finance from the old reputational model to the existing laissez faire model and argues that the change came as a result of three factors: (1) the growth of reliance on regulation rather than reputation as the primary mechanism for protecting customers and (2) the increasing complexity of regulation, which made technical expertise rather than reputation the primary criterion on which customers choose who to do business with in today’s markets; and (3) the rise of the “cult of personality” on Wall Street, which has led to a secular demise in the relevance of companies’ reputations and the concomitant rise of individual “rain-makers” reputation as the basis for premium pricing of financial services. This compelling book will drive the debate about the financial crisis and financial regulation for years to come -- both inside and outside the industry.
Author : Mohammed Hemraj
Publisher : Springer
Page : 266 pages
File Size : 50,9 Mb
Release : 2015-06-22
Category : Law
ISBN : 9783319179278
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.
