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Credit Rating And Bank Firm Relationships
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Book Synopsis Credit Rating and Bank-Firm Relationships by : Michele Modina
Download or read book Credit Rating and Bank-Firm Relationships written by Michele Modina and published by Springer. This book was released on 2015-09-22 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the role of the rating system in creditworthiness assessment, looking into its current status, strengths and weaknesses and possible evolution in the light of Basel 3 and the Global Economic Crisis.
Book Synopsis Internal Rating Systems and the Bank-Firm Relationship by : Bernardino Quattrociocchi
Download or read book Internal Rating Systems and the Bank-Firm Relationship written by Bernardino Quattrociocchi and published by Springer. This book was released on 2016-02-18 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the conceptual and operational tools for understanding the mechanisms for assigning a rating to a network of companies. In it, the author explores the rating systems of corporate networks and analyses the link between rating and an enterprise network.
Book Synopsis Internal Rating Systems and the Bank-Firm Relationship by : Bernardino Quattrociocchi
Download or read book Internal Rating Systems and the Bank-Firm Relationship written by Bernardino Quattrociocchi and published by Palgrave Macmillan. This book was released on 2014-01-14 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the conceptual and operational tools for understanding the mechanisms for assigning a rating to a network of companies. In it, the author explores the rating systems of corporate networks and analyses the link between rating and an enterprise network.
Book Synopsis Ratings, Rating Agencies and the Global Financial System by : Richard M. Levich
Download or read book Ratings, Rating Agencies and the Global Financial System written by Richard M. Levich and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.
Book Synopsis Benchmarking with DEA, SFA, and R by : Peter Bogetoft
Download or read book Benchmarking with DEA, SFA, and R written by Peter Bogetoft and published by Springer Science & Business Media. This book was released on 2010-11-19 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers recent advances in efficiency evaluations, most notably Data Envelopment Analysis (DEA) and Stochastic Frontier Analysis (SFA) methods. It introduces the underlying theories, shows how to make the relevant calculations and discusses applications. The aim is to make the reader aware of the pros and cons of the different methods and to show how to use these methods in both standard and non-standard cases. Several software packages have been developed to solve some of the most common DEA and SFA models. This book relies on R, a free, open source software environment for statistical computing and graphics. This enables the reader to solve not only standard problems, but also many other problem variants. Using R, one can focus on understanding the context and developing a good model. One is not restricted to predefined model variants and to a one-size-fits-all approach. To facilitate the use of R, the authors have developed an R package called Benchmarking, which implements the main methods within both DEA and SFA. The book uses mathematical formulations of models and assumptions, but it de-emphasizes the formal proofs - in part by placing them in appendices -- or by referring to the original sources. Moreover, the book emphasizes the usage of the theories and the interpretations of the mathematical formulations. It includes a series of small examples, graphical illustrations, simple extensions and questions to think about. Also, it combines the formal models with less formal economic and organizational thinking. Last but not least it discusses some larger applications with significant practical impacts, including the design of benchmarking-based regulations of energy companies in different European countries, and the development of merger control programs for competition authorities.
Book Synopsis New Perspectives on the Bank-Firm Relationship by : Paola Ferretti
Download or read book New Perspectives on the Bank-Firm Relationship written by Paola Ferretti and published by Springer. This book was released on 2016-11-14 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the connections between the banking industry in Europe and the companies it finances. Ferretti specifically studies how these bonds have evolved over time and questions whether now is the time for a change in the relationship’s dynamics. Chapters discuss the role of bank lending in firms’ financing during the recent financial crisis, as well as issues in credit risk management. The discussion also examines regulatory requirements impacting banks and firms (Basel III) and how they intersect with banks’ internal purposes. Moreover, the book explores how the financial crisis has impacted the relationship between banks and businesses, and seeks to identify the strengths and weaknesses inherent to it. Through this timely discussion, Ferretti looks to the future of the relationship between banks and non-financial organizations to see how they can be revitalised, adapted and reimagined in a post-crisis economy.
Book Synopsis Rating Through the Relationship by : Alexander W. Butler
Download or read book Rating Through the Relationship written by Alexander W. Butler and published by . This book was released on 2012 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The level of interaction between bond rating agencies and firms they rate varies substantially cross-sectionally. For instance, many bond ratings are solicited by bond issuers, resulting in a relationship between the firm and the rating agencies they hire. But other bond ratings are unsolicited, whereby there is generally no interchange of information between firm and agency, other than that which is already public. We examine the production of soft versus hard information by these non-bank intermediaries by studying the fees they charge firms they rate. We employ rating fees as a proxy for the effort exerted by credit analysts and find that when agencies charge higher fees, they rely less on publicly available hard information. We thus infer that these more costly ratings reflect an assessment of soft information about bond issuers. Our results are less consistent with fee variation due to extortion or rating shopping.
Book Synopsis Credit Reporting and Financing Constraints by : Inessa Love
Download or read book Credit Reporting and Financing Constraints written by Inessa Love and published by World Bank Publications. This book was released on 2003 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors combine firm-level data from the World Bank Business Environment Survey (WBES) with data on private and public credit registries to investigate whether the presence of a credit registry in a country is associated with lower financing constraints, as perceived by managers, and with higher share of bank financing. They find that the existence of private credit registries is associated with lower financing constraints and higher share of bank financing, while the existence of public credit registries does not seem to have a significant effect on these perceived financing constraints. The authors also find that small- and medium-sized firms tend to have a higher share of bank financing in countries where private registries exist and stronger rule of law is associated with more effective private credit registries. Finally, the authors find some evidence that the presence of a public credit registry benefits younger firms relatively more than older firms.
Book Synopsis Credit Rating and the Impact on Capital Structure by : Christian Kronwald
Download or read book Credit Rating and the Impact on Capital Structure written by Christian Kronwald and published by GRIN Verlag. This book was released on 2010-03-25 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Hohenheim (Lehrstuhl für Bankwirtschaft und Finanzdienstleistungen), language: English, abstract: The question about capital structure is one of the most important issues which the management of a company faces in implementing their daily business. Therefore, the question of which factors affect capital structure decisions attracts high attention in the past and recent literature on capital structure. There are many papers providing valuable insights into capital structure choices, starting with the paper of Modigliani and Miller (1958). The MM-Theorem is generally considered a purely theoretical result since it ignores important factors in the capital structure decision like bank-ruptcy costs, taxes, agency costs and information asymmetry. Based on this paper many other theories which consider factors neglected by Modigliani and Miller have been evolved. Two major theories are the Tradeoff- and the Pecking-Order-Theory. The former loosens assumptions stated in the MM-Theorem by including bankruptcy costs and taxes while the latter introduces information asymmetry into the capital structure discussion. Chapter 2.1 will give a brief overview of these theories. For complexity reasons these models cannot capture all relevant factors affecting the capital structure policy of a company. However, all these theories disregard one cru-cial factor which plays an important role on capital markets all over the world. The significance of Credit Ratings is gradually increasing, and it is doing so in many re-spects. This paper focuses on the Credit Rating-Capital Structure-Hypotheses (CRCS) developed by Darren J. Kisgen as a modern approach to the capital structure discussion. The hypothesis argues that credit ratings have an impact on capital struc-ture decisions due to discrete costs (benefits) associated with a rating change. Firstly, reasons why credit ratings are material for capital structure decisions will be out-lined. Then, situations in which credit rating effects play a role will be examined. For this issue it is very important to show how it can be measured whether a firm is con-cerned about a rating change or not. Afterwards the CR-CS will be empirically tested. The traditional theories don’t explain the results obtained in these tests. Therefore credit rating effects will be combined with factors discussed in the Tradeoff- and Pecking-Order-Theory. In subsequent empirical tests credit rating factors will be integrated into previous capital structure test to show that the results of the CR-CS tests remain statistically significant...
Book Synopsis The Rating Agencies and Their Credit Ratings by : Herwig M. Langohr
Download or read book The Rating Agencies and Their Credit Ratings written by Herwig M. Langohr and published by John Wiley & Sons. This book was released on 2008 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title is a guide to ratings, the ratings industry, and the mechanics and economics of obtaining a rating. It sheds light on the role that the agencies play in the international financial markets.
Book Synopsis Adapting to Change by : Egidio Palmieri
Download or read book Adapting to Change written by Egidio Palmieri and published by Springer Nature. This book was released on 2024-01-11 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the evolving dynamics between banks and firms within the context of alternative finance and Environmental, Social, and Governance (ESG) integration. The book contributes to understanding the bank-firm relationship in light of the changing financial landscape and its implications for sustainable development. The book employs an empirical analysis to examine the bank-firm relationship in the context of alternative finance and ESG performance to assess firms’ riskiness, access to funds and cost of capital. The book addresses research gaps by comprehensively analysing the impact of alternative finance and ESG on the bank-firm relationship. It assists banks in adapting their financing practices and policies to align with emerging trends, and it offers insights for banks to evaluate and mitigate ESG-related risks effectively. It provides policy implications for promoting responsible lending, supporting the growth of alternative finance, and incentivising ESG integration in the financial sector. Ultimately, it contributes to formulating policies that foster a sustainable and inclusive financial system, and will be of interest to professionals and researchers in finance, alternative finance, and sustainable finance.
Book Synopsis The Economics of Interfirm Networks by : Tsutomu Watanabe
Download or read book The Economics of Interfirm Networks written by Tsutomu Watanabe and published by Springer. This book was released on 2015-06-02 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is one of the first comprehensive works to fill the knowledge gap resulting from the limited number of empirical studies on interfirm networks. The in-depth empirical research presented here is based on a massive transaction relationship database of approximately 400,000 Japanese firms. This volume, unlike others, focuses on the role of interfirm networks in three different fields: (1) macroeconomic activities, (2) economic geography and firm dynamics, and (3) firm–bank relationships. The database for this work is constructed in collaboration with Japan's largest credit research company, Teikoku Data Bank, and covers a substantial portion of Japanese firms with information on firms' transaction partners, shareholders, financial institutions, and other attributes, including their locations and performance. Networks prevail in many aspects of economic activities and play a major role in explaining a wide variety of economic phenomena from business cycles to knowledge spillovers, which has motivated economists to produce a number of excellent works. In the policy arena, there has been a growing concern on the vulnerabilities of networks based on the casual observation that idiosyncratic shocks on firms can be amplified through inter-firm connections and leads to a systemic crisis. Typical examples are the manufacturing supply-chain networks in the automobile and electronics industries which propagated regionally concentrated shocks (the Great East Japan Earthquake and floods in Thailand in 2011) into global ones. An abundance of theoretical literature on the formation and functions of networks is available already. This book breaks new ground, however, and provides an excellent opportunity for the reader to gain a more integrated understanding of the role of networks in the economy. The Economics of Interfirm Networks will be of special interest to economists and practitioners seeking empirical and quantitative knowledge on interfirm and firm–bank networks.
Book Synopsis Investment Banking Explained, Chapter 6 - The Strategy of Relationship Management by : Michel Fleuriet
Download or read book Investment Banking Explained, Chapter 6 - The Strategy of Relationship Management written by Michel Fleuriet and published by McGraw Hill Professional. This book was released on 2008-06-26 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Here is a chapter from Investment Banking Explained, which provides a clear overview of this complex industry. It covers the history, key terms, structures, and strategies of investment banking and breaks the business down into its respective specialties--from traders, brokers, and analysts to relationship managers, hedgers, and retirement planners--illustrating how each contributes to the industry as a whole. This comprehensive guide examines the operations of the world's most successful firms, as well as explains how investment banks are forging their international strategies.
Book Synopsis The Impact of Credit Rating on Firms' Debt Maturity and Ownership Decisions by : Tong Jiao
Download or read book The Impact of Credit Rating on Firms' Debt Maturity and Ownership Decisions written by Tong Jiao and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Bank Mergers on Credit Availability by : Emilia Bonaccorsi di Patti
Download or read book The Effects of Bank Mergers on Credit Availability written by Emilia Bonaccorsi di Patti and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Evolving Relationship Between Community Banks and Small Businesses by : Robin A. Prager
Download or read book The Evolving Relationship Between Community Banks and Small Businesses written by Robin A. Prager and published by . This book was released on 2008 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monitoring Abnormality in Returns Around Credit Rating Announcements by : Amitesh Kapoor
Download or read book Monitoring Abnormality in Returns Around Credit Rating Announcements written by Amitesh Kapoor and published by . This book was released on 2014 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: A reliable credit rating provides creditworthiness and financial strength to a firm. Any revision to credit rating may provide signal to volatility in returns of that firm. We study the relationship between credit rating and its security return. Banks being the back bone to any economy, bonds rating provide information how much the banks are reliable and credit worthy to the investors. Using event study framework with E-Garch application, results suggest that credit rating does affect the volatility of stocks. And the effect during downgrade in credit rating is more than the effect during upgrade. Also, the banks with higher market share shows more positive returns than the banks with lower market share in case of credit rating upgrade, and vice versa trend follows in case of downgrade. This suggests that credit rating can give some abnormal returns in a specific window.
