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A Critique on the Proposed Use of External Sovereign Credit Ratings in Basel II
Kraeussl, Roman - Center for Financial Studies - 2003
This paper deals with the proposed use of sovereign credit ratings in the Basel Accord on Capital Adequacy (Basel II) and considers its potential effect on emerging markets financ-ing. It investigates in a first attempt the consequences of the planned revisions on the two central aspects of...
Persistent link: https://www.econbiz.de/10010986402
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Do Changes in Sovereign Credit Ratings Contribute to Financial Contagion in Emerging Market Crises?
Kraeussl, Roman - Center for Financial Studies - 2003
Credit rating changes for long-term foreign currency debt may act as a wake-up call with up-grades and downgrades in one country affecting other financial markets within and across national borders. Such a potential (contagious) rating effect is likely to be stronger in emerg-ing market...
Persistent link: https://www.econbiz.de/10010986412
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Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?
Kraeussl, Roman - Center for Financial Studies - 2003
The experience in the period during and after the Asian crisis of 1997-98 has provoked an extensive debate about the credit rating agencies evaluation of sovereign risk in emerging markets lending. This study analyzes the role of credit rating agencies in international financial markets,...
Persistent link: https://www.econbiz.de/10010986480
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Performance-sensitive debt: The intertwined effects of performance measurement and pricing grid asymmetry
Bannier, Christina E.; Wiemann, Markus - Center for Financial Studies - 2014
This paper studies the use of performance pricing (PP) provisions in debt contracts and compares accounting-based with rating-based pricing designs. We find that rating-based provisions are used by volatile-growth borrowers and allow for stronger spread increases over the credit period....
Persistent link: https://www.econbiz.de/10010958543
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 2011
In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond … a significant role for rating agencies, we find monitoring effects to be strongest when acquirer bonds are rated at the …
Persistent link: https://www.econbiz.de/10010958748
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Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?
Kraeussl, Roman - Center for Financial Studies - 2003
The experience in the period during and after the Asian crisis of 1997-98 has provoked an extensive debate about the credit rating agencies’ evaluation of sovereign risk in emerging markets lending. This study analyzes the role of credit rating agencies in international financial markets,...
Persistent link: https://www.econbiz.de/10005022414
Cover Image
A Critique on the Proposed Use of External Sovereign Credit Ratings in Basel II
Kraeussl, Roman - Center for Financial Studies - 2003
This paper deals with the proposed use of sovereign credit ratings in the "Basel Accord on Capital Adequacy" (Basel II) and considers its potential effect on emerging markets financ-ing. It investigates in a first attempt the consequences of the planned revisions on the two central aspects of...
Persistent link: https://www.econbiz.de/10005022432
Cover Image
Do Changes in Sovereign Credit Ratings Contribute to Financial Contagion in Emerging Market Crises?
Kraeussl, Roman - Center for Financial Studies - 2003
Credit rating changes for long-term foreign currency debt may act as a wake-up call with up-grades and downgrades in one country affecting other financial markets within and across national borders. Such a potential (contagious) rating effect is likely to be stronger in emerg-ing market...
Persistent link: https://www.econbiz.de/10005176439