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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/10003951560
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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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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/10009672312
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Shadow Banking Regulation
Adrian, Tobias; Ashcraft, Adam B. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 99-140
regulation. Since the collapse, regulatory reform efforts have aimed at strengthening the stability of the shadow banking system …
Persistent link: https://www.econbiz.de/10010603943
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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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The Credit Rating Market - Options for Appropriate Regulation
Freytag, Andreas; Zenker, Martin - Friedrich-Schiller-University Jena - 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/10010904564
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Credit rating agencies and moral values in the evaluation of credit risks
Petrusheva, Nada; Nikolovski, Aleksandar - In: SEER : journal for labour and social affairs in Eastern … 16 (2013) 3, pp. 347-353
Persistent link: https://www.econbiz.de/10010248991
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The financial crisis and the credit rating agencies: the failure of reputation
Miele, Maria Grazia - Volkswirtschaftliche Fakultät, … - 2012
This paper presents a theoretical framework to describe the behaviour of the credit rating agencies(CRAs) during the crisis, surveying some reputational game models. CRAs have been blamed of inflating ratings of the new credit risk transfer products (CRTs) and of acting in favour of issuers...
Persistent link: https://www.econbiz.de/10011260075
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The financial crisis and the credit rating agencies: the failure of reputation
Miele, Maria Grazia - Volkswirtschaftliche Fakultät, … - 2013
This paper presents a theoretical framework to describe the behaviour of the credit rating agencies(CRAs) during the crisis, surveying some reputational game models. CRAs have been blamed of inflating ratings of the new credit risk transfer products (CRTs) and of acting in favour of issuers...
Persistent link: https://www.econbiz.de/10010675823