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The Issuer-Pays Rating Model and Ratings Inflation : Evidence from Corporate Credit Ratings
Xia, Han - 2012
This paper provides evidence that the conflict of interest caused by the issuer-pays rating model leads to inflated corporate credit ratings. Comparing the ratings issued by Standard & Poor's Ratings Services (S&P) which follows this business model to those issued by the Egan-Jones Rating...
Persistent link: https://www.econbiz.de/10013110970
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Rating Inflation versus Deflation : On Procyclical Credit Ratings
Chen, Yongmin - 2013
: some argue that they engage in rating inflation, while others suggest that they deflate ratings. This article offers a … rationale that reconciles the two opposite arguments. We find that both rating inflation and rating deflation can occur in … equilibrium. Furthermore, we show that credit rating is procyclical: rating inflation is more likely to happen in a boom while …
Persistent link: https://www.econbiz.de/10013073513
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The effect of rating agencies on herd behaviour
Ferri, Giovanni; Morone, Andrea - 2008
This paper purports to provide some evidence on the effect of rating agencies on herding in financial markets. By means of a laboratory experiment, we investigate the effect and interaction between private and public information. Previous experiments showed that lemmings behaviour can survive in...
Persistent link: https://www.econbiz.de/10011523646
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Sovereign rating methodologies, ESG and climate change risk : an overview
Angelova, Denitsa; Bosello, Francesco; Bigano, Andrea; … - 2021
Persistent link: https://www.econbiz.de/10013162384
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Re-mapping credit ratings
Eisl, Alexander; Elendner, Hermann; Lingo, Manuel - 2015
Rating agencies report ordinal ratings in discrete classes . We question the market's implicit assumption that agencies define their classe s on identical scales, e.g., that AAA by Standard & Poor's is equivalent to Aaa by Moody's. To this end, we develop a non-parametric method to estimate the...
Persistent link: https://www.econbiz.de/10010494957
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Impact of credit rating agencies on European Banking stock prices : is the recognition of credit rating agency important?
Chodnicka-Jaworska, Patrycja - 2019
Persistent link: https://www.econbiz.de/10012316197
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The Chinese and the big three credit rating agencies : their impact on stock prices
Chodnicka-Jaworska, Patrycja; Jaworski, Piotr - 2019
Persistent link: https://www.econbiz.de/10012211528
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The role of credit rating agencies in addressing gaps in micro and small enterprise financing : the case of India
Shankar, Savita - 2019
This paper describes the common financing challenges faced by micro, small, and medium-sized enterprises (MSMEs) in India and some important measures taken to address them, with a focus on the credit rating scheme implemented in 2000. It examines the usefulness as well as the limitations of the...
Persistent link: https://www.econbiz.de/10011992093
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Regulating a highly concentrated industry : implications from Dodd-Frank
Rieber, Alexander - 2021
Using an international sample of more than 65,000 rating actions by Fitch, Moody's and S&P, we analyze the effect of the Dodd-Frank Act on credit ratings. We document that (i) rating report content changes significantly after Dodd-Frank and (ii) show, by exploiting within firm-quarter variation,...
Persistent link: https://www.econbiz.de/10013336275
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A century of bank rate
Hawtrey, Ralph G. - 1962 - 2. ed
Persistent link: https://www.econbiz.de/10000050516