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The Reform of the Credit Rating Agencies : A Comparative Perspective
Cinquegrana, Piero - 2009
Credit ratings are a quasi-public good, and investors and financial markets regulators need an independent assessment of the credit-worthiness of an issuing entity because of information asymmetries and principal agent problems. In light of the high volatility of market-based measures and the...
Persistent link: https://www.econbiz.de/10013155506
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The credit rating market : options for appropriate regulation
Freytag, Andreas; Zenker, Martin - 2012
prevailing incentive problem of the market and contemporaneously satisfy the reputation demand of the investors? This paper … theoretical approach that considers reputation as one of the most important aspects within the market. After analysing the status … smaller CRAs and new incumbents are the increase of market share as well as reputation. Therefore, the market competition …
Persistent link: https://www.econbiz.de/10009672312
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Race to the Bottom? Competition Among Rating Agencies in the European Structured Debt Market – Evidence from the CRA Regulation
De las Salas Vega, Carlos - 2018
After analyzing the long-term credit ratings on European structured debt products before and after European Parliament's introduction of Article 8d in June 2013, which aims to diversify the market by encouraging the use of small credit rating agencies, I find that the rating split between large...
Persistent link: https://www.econbiz.de/10012912993
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The power of opinion : more evidence of a GIPS-markup in sovereign ratings during the euro crisis
Nauhaus, Steffen - 2015
This paper examines whether the Big Three credit rating agencies actually played as active a role in the Euro Crisis as previously asserted. On the basis of panel data methods for a set of 11 EMU countries, the analysis reveals significant evidence for an arbitrary markup on the GIPS group of...
Persistent link: https://www.econbiz.de/10011317827
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The Regulation of Credit Rating Agency Across USA and EU : Different Systems, Same Concerns
conte, elisabetta - 2013
Credit Rating Agencies (CRAs) have been a market entity relatively neglected by regulators and commenters, despite the increasing importance they have had in the 20th century financial markets development. Different legal system as United States of America and European Union have both recently...
Persistent link: https://www.econbiz.de/10013086957
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Credit Rating Agency Announcements and the Eurozone Sovereign Debt Crisis
Baum, Christopher F. - 2013
This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade...
Persistent link: https://www.econbiz.de/10013073134
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Post-crisis Banking Regulation and Credit Rating Adjustments. How Did the Bail-In Affect Eurozone Banks’ Credit Rating?
Franco, Lavinia - 2021
This paper looks at the credit rating adjustments on Eurozone banks that followed the post-crisis regulation of bank resolution in Europe in 2014. The empirical assessment analyses within-bank variation using the credit ratings of the major Eurozone banks. The analysis shows that with the...
Persistent link: https://www.econbiz.de/10013212631
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Credit rating agency announcements and the eurozone sovereign debt crisis
Baum, Christopher F.; Karpava, Margarita; Schäfer, Dorothea - 2013
This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade...
Persistent link: https://www.econbiz.de/10010206145
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European versus Anglo-Saxon credit view : evidence from the eurozone sovereign debt crisis
Altdörfer, Marc; De las Salas Vega, Carlos Andres; … - 2016
We analyse whether different levels of country ties to Europe among the rating agencies Moody’s, S&P, and Fitch affect the assignment of sovereign credit ratings, using the Eurozone sovereign debt crisis of 2009-2012 as a natural laboratory. We find that Fitch, the rating agency among the "Big...
Persistent link: https://www.econbiz.de/10011570580
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The Euro Area Sovereign Debt Crisis : Safe Haven, Credit Rating Agencies and the Spread of the Fever from Greece, Ireland and Portugal
De Santis, Roberto A. - 2012
Since the intensification of the crisis in September 2008, all euro area long-term government bond yields relative to the German Bund have been characterized by highly persistent processes with upward trends for countries with weaker fiscal fundamentals. Looking at the daily period 1 September...
Persistent link: https://www.econbiz.de/10013111942