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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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Credit rating industry: A helicopter tour of stylized facts and recent theories
Jeon, Doh-Shin; Lovo, Stefano - In: International Journal of Industrial Organization 31 (2013) 5, pp. 643-651
The recent subprime crisis and the ongoing Euro zone crisis have generated an enormous interest in the credit rating industry not only among economists but also among average citizens. As a consequence, we have seen an explosion of the economic literature on the industry. The objective of this...
Persistent link: https://www.econbiz.de/10010730056
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The Credit Ratings Game
Bolton, Patrick; Freixas, Xavier; Shapiro, Joel - Barcelona Graduate School of Economics (Barcelona GSE) - 2010
The collapse of so many AAA-rated structured finance products in 2007-2008 has brought renewed attention to the causes of ratings failures and the conflicts of interest in the Credit Ratings Industry. We provide a model of competition among Credit Ratings Agencies (CRAs) in which there are three...
Persistent link: https://www.econbiz.de/10010547105
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The credit ratings game
Bolton, Patrick; Freixas, Xavier; Shapiro, Joel - Department of Economics and Business, Universitat … - 2009
The spectacular failure of top-rated structured finance products has brought renewed attention to the conflicts of interest of Credit Rating Agencies (CRAs). We model both the CRA conflict of understating credit risk to attract more business, and the issuer conflict of purchasing only the most...
Persistent link: https://www.econbiz.de/10005012008
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Agenda for Building a New Financial Market Architecture
Schäfer, Dorothea - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 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/10010661277
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Agenda for Building a New Financial Market Architecture
Schäfer, Dorothea - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 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/10011128100
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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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Agenda for a New Financial Market Architecture
Schäfer, Dorothea - In: Weekly Report 5 (2009) 7, pp. 41-49
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/10011601260