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How rating agencies achieve rating stability
Altman, Edward I.; Rijken, Herbert A. - 2004
Surveys on the use of agency credit ratings reveal that most investors believe that rating agencies are relatively slow in adjusting their ratings. (...)
Persistent link: https://www.econbiz.de/10005846812
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How do rating agencies score in predicting firm performance
Löffler, Gunter (contributor); Posch, Peter N. (contributor) - 2007
We use dynamic panel analysis to examine whether credit rating agencies achieve what they claim to achieve, namely, look into the future when assigning their ratings. We find that Moody's ratings help predict individual financial ratios over a horizon of up to five years. Ratings also predict a...
Persistent link: https://www.econbiz.de/10003634013
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The Impact of the Contractual Use of Ratings on the Rating Process - Evidence from Rating Agency Adjustments
Kraft, Pepa - 2010
I study the use of credit ratings in debt contracts. When debt contracts use credit ratings rather than accounting ratios to enforce restrictions on borrowers, there is likely to be increased pressure on rating agencies to cater to borrower incentives. I investigate whether the explicit use of...
Persistent link: https://www.econbiz.de/10013146797
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How do rating agencies score in predicting firm performance
Löffler, Gunter; Posch, Peter N. - 2007
We use dynamic panel analysis to examine whether credit rating agencies achieve what they claim to achieve, namely, look into the future when assigning their ratings. We find that Moody's ratings help predict individual financial ratios over a horizon of up to five years. Ratings also predict a...
Persistent link: https://www.econbiz.de/10010263694
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The economics of rating watchlists: Evidence from rating changes
Hirsch, Christian; Bannier, Christina E. - 2007
Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the 'watchlist (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...
Persistent link: https://www.econbiz.de/10010298385
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An equilibrium model of credit rating agencies
Holden, Steinar; Natvik, Gisle James; Vigier, Adrien - 2013
We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings a ffect investors' choice and, thereby, also issuers' access to funding and default risk. We show that in equilibrium - the informational content of credit ratings is inferior to that of CRAs' private...
Persistent link: https://www.econbiz.de/10010330260
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The economics of rating watchlists: Evidence from rating changes
Hirsch, Christian; Bannier, Christina E. - 2007
Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the watchlist" (rating review) Instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...
Persistent link: https://www.econbiz.de/10010269732
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The Optimal Regulation of Credit Rating Agencies
Forster, Josef - 2008
Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conflicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of...
Persistent link: https://www.econbiz.de/10010427528
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The optimal regulation of credit rating agencies
Forster, Josef - 2008
Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conflicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of...
Persistent link: https://www.econbiz.de/10003951560
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Defining the Factors of Fitch Rankings in the European Banking Sector
Lazarides, Themistokles G. - 2015
The crises of 2002 and 2008 have raised the issue of banking sector's ranking system efficiency. The CRAs are crucial … factors that affect the ratings and to create a prediction mechanism.In order to do that, all ranking evaluations have been …, sovereign-country ranking, and loan growth. Three econometric methods (Probit, Logit, OLS) have been used to create a system …
Persistent link: https://www.econbiz.de/10013023445