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Bauer, Christian; Herz, Bernhard; Hild, Alexandra - 2011

This paper develops a market-based approach to implement so called Eurobonds, i.e. common sovereign debt securities of … Eurobonds with varying risk and rating (tranching). By pooling and tranching the default risk is concentrated in one part of the … default. By contrast to propositions on Eurobonds made so far, our proposal has one major advantage: All EMU countries can …

Persistent link: https://www.econbiz.de/10010356071

Domestic and foreign banks in Germany : do they differ?

Buch, Claudia M.; Golder, Stefan M. - 2000

Persistent link: https://www.econbiz.de/10001488838

Intensified competition and the impact on credit ratings in the RMBS market

Breemen, Vivian van; 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/10013329377

Rating opaque borrowers : why are unsolicited ratings lower?

Bannier, Christina E.; Behr, Patrick; Güttler, André - 2009

This paper examines why unsolicited ratings tend to be lower than solicited ratings. Both self-selection among issuers and strategic conservatism of rating agencies may be reasonable explanations. Analyses of default incidences of non-U.S. borrowers between January 1996 and December 2006 show...

Persistent link: https://www.econbiz.de/10003904071

Opaque governance, special purpose vehicles, and the preacher's waiver

Apreda, Rodolfo - 2012

This paper argues that special purpose vehicles, SPVs, are two-edged financial constructs whose bad edge consists in conveying opaque governance, whereas its good one amounts to interesting financial engineering. Firstly, the notion of opaque governance is highlighted, to focus next on SPVs and...

Persistent link: https://www.econbiz.de/10009509737

The home bias in sovereign ratings

Fuchs, Andreas; Gehring, Kai - 2013 - This version: 20 December 2013

Credit rating agencies are frequently criticized for producing sovereign ratings that do not accurately reflect the economic and political fundamentals of rated countries. This article discusses how the home country of rating agencies could affect rating decisions as a result of political...

Persistent link: https://www.econbiz.de/10010234188

Optimal asset allocation under quadratic loss aversion

Fortin, Ines; Hlouskova, Jaroslava - 2012

Persistent link: https://www.econbiz.de/10009656098

Optimal asset allocation under linear loss aversion

Fortin, Ines; Hlouskova, Jaroslava - 2010

Persistent link: https://www.econbiz.de/10008669593

Trade-throughs in European cross-traded equities after transaction costs : empirical evidence for the EURO STOXX 50

Ende, Bartholomäus; Lutat, Marco - 2010

The new regulatory environment triggered by MiFID has resulted in a transformed competitive landscape and increased fragmentation among execution venues in Europe. One key component of MiFID is best execution, i.e. investment firms are obliged to achieve the best result for customer orders on a...

Persistent link: https://www.econbiz.de/10008698015

Solicited and unsolicited credit ratings : a global perspective

Poon, Winnie P. H.; Chan, Kam C. - 2010

We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998-2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we...

Persistent link: https://www.econbiz.de/10008732335