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Die seit Sommer 2007 anhaltende Krise an den weltweiten Finanzmärkten, welche mittlerweile andere Wirtschaftszweige wie etwa den Automobilsektor infiziert hat, ist auch auf die Tätigkeit zumindest der großen US-Ratingagenturen zurückzuführen. Strukturierte Forderungen wurden zu positiv...
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Rating agencies state that they take a rating action only when it is unlikely to bereversed shortly afterwards. Using a … formal representation of the rating process, I showthat such a policy provides a good explanation for the empirical evidence … informational losses, avoiding rating reversals canbe more harmful than monitoring credit quality only twice per year. [Gunter …
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Using a structural model of default, I derive rating characteristics if ratings are meant tolook ‘through the cycle’ as … opposed to being based on the borrowers’ current condition.The through-the-cycle method, which is employed by most rating … power is low. Though not predictable in the usual sense, rating changesexhibit properties that call for a reconsideration of …
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and strategic conservatism of rating agencies may be reasonableexplanations. Analyses of default incidences of non …-U.S. borrowers between January 1996and December 2006 show that rating conservatism may play a role for industrial firms, butself … unsolicited bank ratings, however, we find strongevidence that rating conservatism is an important cause. The downward bias also …
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We use dynamic panel analysis to examine whether credit rating agencies achieve what they claim to achieve, namely …
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