Narrow search
Showing 1 - 10 of 752,062
Cover Image
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
Cover Image
Rating agencies in the face of regulation
Opp, Christian; Opp, Marcus M.; Harris, Milton - 2011 - Last rev.: October 26, 2011
used to regulate institutional investors. We show that introducing rating-contingent regulation that favors highly rated …
Persistent link: https://www.econbiz.de/10009355138
Cover Image
The Optimal Regulation of Credit Rating Agencies
Forster, Josef - Volkswirtschaftliche Fakultät, … - 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/10005518254
Cover Image
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
Cover Image
Who Should Pay for Credit Ratings and How?
Kashyap, Anil K. - 2015
This paper analyzes a model where investors use a credit rating to decide whether to finance a firm. The rating quality depends on the unobservable effort exerted by a credit rating agency (CRA). We analyze optimal compensation schemes for the CRA that differ depending on whether a social...
Persistent link: https://www.econbiz.de/10013035800
Cover Image
Optimal Regulation of Auditing
Pagano, Marco; Immordino, Giovanni - 2021
We study regulation of the auditing profession in a model where audit quality is unobservable and enforcing regulation …
Persistent link: https://www.econbiz.de/10013317070
Cover Image
Do Bond Issuers Shop for Favorable Credit Ratings?
Kronlund, Mathias - 2019
This paper provides evidence of ratings shopping in the corporate bond market. By estimating systematic differences in agencies' biases about any given firm's bonds, I show that new bonds are more likely to be rated by agencies that are positively biased towards the firm---a pattern that is...
Persistent link: https://www.econbiz.de/10012905996
Cover Image
Agenda für eine neue Finanzmarktarchitektur
Schäfer, Dorothea - In: DIW Wochenbericht 75 (2008) 51/52, pp. 808-817
, "alle Finanzmärkte, Finanzprodukte und Finanzmarktteilnehmer einer Regulierung oder angemessenen Überwachung" zu unterwerfen …
Persistent link: https://www.econbiz.de/10011601932
Cover Image
Agenda for building a new financial market architecture
Schäfer, Dorothea - 2009
Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...
Persistent link: https://www.econbiz.de/10011387132
Cover Image
Reforming Financial Regulation to Address the Too-Big-To-Fail Problem
Wilmarth, Arthur E. - 2010
Persistent link: https://www.econbiz.de/10013140086