Alongside with the liberalization of financial markets organizations of private regulation have become more important since the nineties. Private institutions such as Rating Agencies or financial market instruments as the Emerging Market Bond Index (EMBI+) are part of the private governance...

Unter dem Begriff Credit Scoring lassen sich mathematisch-statistische Verfahren zusammenfassen, anhand derer Informationen über Verbraucher oder Unternehmen zu quantitativen Punktwerten (Scores) verdichtet werden, um zu einer statistisch belastbaren Prognose der Erfüllungswahrscheinlichkeit...

In this paper, we propose a model of credit rating agencies using the global games framework to incorporate information and coordination problems. We introduce a refined utility function of a credit rating agency that, additional to reputation maximization, also embeds aspects of competition and...