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The Optimal Regulation of Credit Rating Agencies
Forster, Josef - 2008
& Immordino (2007), we study the optimal regulation of CRAs in a model where rating quality is unobservable and enforcing … regulation is costly. The model shows that minimum rating standards increase the social value of credit ratings. The model also … analyzes implications for regulation in the presence of conflicts of interest between the CRA and the rated clients by direct …
Persistent link: https://www.econbiz.de/10010427528
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Agenda for Building a New Financial Market Architecture
Schäfer, Dorothea - 2009
Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...
Persistent link: https://www.econbiz.de/10011335544
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Agenda for a New Financial Market Architecture
Schäfer, Dorothea - In: Weekly Report 5 (2009) 7, pp. 41-49
Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...
Persistent link: https://www.econbiz.de/10011601260
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Agenda für eine neue Finanzmarktarchitektur
Schäfer, Dorothea - In: DIW Wochenbericht 75 (2008) 51/52, pp. 808-817
Seit dem Sommer 2007 sind die Akteure auf den Finanzmärkten mit einer selbstverursachten Krise konfrontiert. Um eine Wiederholung in Zukunft zu vermeiden, haben die G20-Staaten am 15. November 2008 auf dem Finanzgipfel in Washington beschlossen, "alle Finanzmärkte, Finanzprodukte und...
Persistent link: https://www.econbiz.de/10011601932
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The Credit Rating Market - Options for Appropriate Regulation
Freytag, Andreas; Zenker, Martin - 2012
The principal agent problem is one of the major issues of the credit rating agency market. Is it possible to solve the prevailing incentive problem of the market and contemporaneously satisfy the reputation demand of the investors? This paper presents an option for regulating the credit rating...
Persistent link: https://www.econbiz.de/10010334512
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Alternatives for issuer-paid credit rating agencies
Bongaerts, Dion - 2014
This paper investigates the economic viability and welfare contribution of alternatives to issuer-paid credit rating agencies (CRAs). To this end, it introduces a heterogeneous competition model for credit and ratings markets. Frictions among issuers or investors induce rating inflation from...
Persistent link: https://www.econbiz.de/10011605748
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Disclosure, transparency, and market discipline
Freixas, Xavier; Laux, Christian - 2011
think about information as well as market discipline and discuss policy implications and proposals for regulation. …
Persistent link: https://www.econbiz.de/10010308575
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Credit Rating Agencies: The Main Lacuna in EU Regulation Governing Conflicts of Interest
Chirico, Alessandra - 2008
regulation, they become extremely powerful, and as a consequence, the risk that conflicts of interest will arise becomes much …
Persistent link: https://www.econbiz.de/10010507124
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Basel's forgotten pillar: The myth of market discipline on the forefront of Basel III
Benli, Vahit Ferhan - In: e-Finanse: Financial Internet Quarterly 11 (2015) 3, pp. 70-91
Although Basel II fortified the first two pillars with market transparency enhancing Pillar III disclosures and encouraged the usage of major Credit Rating Agencies (CRAs) such as Moody's, Standard and Poor's, and Fitch as quasi governmental authorities to overcome asymmetric informational...
Persistent link: https://www.econbiz.de/10011551460
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Intensified competition and the impact on credit ratings in the RMBS market
van Breemen, Vivian; Fabozzi, Frank J.; Vink, Dennis - 2022
In this paper, we empirically investigate the impact of intensified competition on rating quality in the credit rating market for residential mortgage-backed securities (RMBS) in the period 2017-2020. We provide evidence that competition between large credit rating agencies (CRAs) (Moody's and...
Persistent link: https://www.econbiz.de/10014278275