The financial crisis has stimulated researches on the link between risk models and banking business, showing that banks with greater profitability deriving from traditional activity have less chancee to be involved in a crisis. This hypothesis is confirmed by an analysis conducted on a sample of...

Monetary unions generally boost financial markets. But European private capital markets have progressed at an unsatisfactory pace even with the euro. What accounts for this? We focus on an increasingly key financial infrastructure: Rating Agencies (RAs). Taking an international perspective, we...

By analyzing bond price reactions to rating changes in Korea, this study adds a new angle to the existing literature on Global Rating Agencies (GRAs, i.e. Moody’s, S&P’s, Fitch) with higher reputation/independence vs. National Rating Agencies (NRAs) with more in-depth local knowledge. Faced...