Credit Ratings and Market Over-reliance

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Author :
Publisher : BRILL
ISBN 13 : 9004341854
Total Pages : 245 pages
Book Rating : 4.0/5 (43 download)

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Book Synopsis Credit Ratings and Market Over-reliance by : Francesco De Pascalis

Download or read book Credit Ratings and Market Over-reliance written by Francesco De Pascalis and published by BRILL. This book was released on 2017-07-03 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking position from the recent 2007-2009 financial crisis, Credit Ratings and Market Over-reliance: An International Legal Analysis by Francesco De Pascalis provides an in depth legal and regulatory analysis of the concept of over-reliance in the use of ratings and how regulation facilitates over-reliance is different from mere reliance on credit ratings. Not only does the book provide an incisive doctrinal analysis of the concept of over-reliance, it also considers over-reliance from a comparative and international perspective by reviewing legal and regulatory developments under European Union and US law and how over-reliance has been addressed in international financial regulation.

Eliminating Regulatory Reliance on Credit Ratings

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Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Eliminating Regulatory Reliance on Credit Ratings by : Bianca Mostacatto

Download or read book Eliminating Regulatory Reliance on Credit Ratings written by Bianca Mostacatto and published by . This book was released on 2015 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit ratings agencies play an important role in the world-wide capital markets and, willingly or not, influence rather significantly the destinies of private and public financial players and their issues. Credit rating agencies invoke reputation as their most valuable asset and as guarantee for their independence and honesty in the intermediation of financial information. Yet the accuracy and honesty of credit ratings have been, nonetheless, questioned at numerous times, and the lack thereof was pointed as one of the causes of recent crises affecting the global financial system. Using legal and economic analysis, this article demonstrates how reputation works in the credit rating business to encourage rating accuracy and how governmental actions - mainly by the massive use of ratings in laws and regulations - were responsible for rendering the reputational mechanism ineffective. Considering the factors which influence the trade-off faced by rating agencies, the movements towards regulation and oversight of these entities in the U.S. and in the EU are comparatively analyzed. The paper concludes that restoring the strength of the reputation mechanism, notably by eliminating regulatory reliance on ratings and rating safe-harbors, is the only effective measure to ensure rating accuracy - as well as the only measure really consistent with the public goals of increasing competition in the informational business, fostering innovation and better risk management by investors, improving accountability in capital markets and ensuring that investors are encouraged to rely on ratings only when ratings are deemed reliable. It then argues that, even though regulation and oversight of rating agencies might have been unavoidable at this point in time, deregulation of the rating business, once regulatory reliance is eliminated, is also indispensable to secure the aforementioned goals.

Credit Rating Over-reliance in Asset Management

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Author :
Publisher : Nomos Verlagsgesellschaft
ISBN 13 : 9783756013357
Total Pages : 0 pages
Book Rating : 4.0/5 (133 download)

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Book Synopsis Credit Rating Over-reliance in Asset Management by : Marius Müller

Download or read book Credit Rating Over-reliance in Asset Management written by Marius Müller and published by Nomos Verlagsgesellschaft. This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis brought the far-reaching influence of credit ratings on capital markets into focus and confirmed doubts about the quality of ratings published by rat-ing agencies. In the context of regulatory efforts to limit the influence of ratings, Marius Muller addresses the question to what extent investment funds are obliged to sell bonds that no longer comply with investment guidelines following a rating downgrade. Results of a statistical analysis of 200 European and U.S. fund prospectuses are evaluated in the light of regulatory objectives. Subsequently, a structural proposal for the formulation of investment guidelines is developed, accounting for the protection of investor interests and market functioning.

Regulating Credit Rating Agencies

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 085793936X
Total Pages : 292 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis Regulating Credit Rating Agencies by : Aline Darbellay,

Download or read book Regulating Credit Rating Agencies written by Aline Darbellay, and published by Edward Elgar Publishing. This book was released on 2013-09-30 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: øŠAline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formul

The Governance of Credit Rating Agencies

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1786439948
Total Pages : 360 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis The Governance of Credit Rating Agencies by : Andrea Miglionico

Download or read book The Governance of Credit Rating Agencies written by Andrea Miglionico and published by Edward Elgar Publishing. This book was released on 2019 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.

Oversight of the Credit Rating Agencies Post-Dodd-Frank

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Publisher :
ISBN 13 :
Total Pages : 332 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Oversight of the Credit Rating Agencies Post-Dodd-Frank by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations

Download or read book Oversight of the Credit Rating Agencies Post-Dodd-Frank written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2012 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:

EU Securities and Financial Markets Regulation

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Publisher : Oxford University Press
ISBN 13 : 0198844875
Total Pages : 993 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis EU Securities and Financial Markets Regulation by : Niamh Moloney

Download or read book EU Securities and Financial Markets Regulation written by Niamh Moloney and published by Oxford University Press. This book was released on 2023-03-29 with total page 993 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.

Research Handbook on Global Capital Markets Law

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1800379307
Total Pages : 449 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Research Handbook on Global Capital Markets Law by : Iris H.-Y. Chiu

Download or read book Research Handbook on Global Capital Markets Law written by Iris H.-Y. Chiu and published by Edward Elgar Publishing. This book was released on 2023-06-01 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Research Handbook is a one-stop resource on global capital markets and the laws that regulate them. Featuring contributions from leading global experts, the Research Handbook delves into a range of issues including investment products such as equity finance; sustainable finance; fintech; impact investing; and private equity. It also provides analysis on institutional and procedural issues such as large and small companies' capital formation, the roles of institutional shareholders and information providers, and the practices and regulation of financial trading markets.

Credit Rating Agencies on the Watch List

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Author :
Publisher : OUP Oxford
ISBN 13 : 0191640999
Total Pages : 320 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis Credit Rating Agencies on the Watch List by : Raquel García Alcubilla

Download or read book Credit Rating Agencies on the Watch List written by Raquel García Alcubilla and published by OUP Oxford. This book was released on 2012-03-29 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating agencies have been criticized for their role in the financial crisis by understating credit risk. The US subprime mortgage crisis highlighted the systemic relevance of the rating agencies and the deficiencies in their activities; this led to an international consensus to regulate the rating business. Written by those involved in developing European Legislation, this book explains EU Regulation in the context of global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address failures within the rating industry. Through an in-depth analysis of the EU Regulation's requirements on governance, conflicts of interest, methodologies, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. Moreover, it examines the supervisory and enforcement powers of ESMA, the EU authority in charge of the registration and oversight of rating agencies. This is complemented with an analysis of guidance from supervisors (ESMA and EBA), IOSCO's recommendations, and US legislation. The book discusses possible new regulatory developments in areas such as the agencies' business model, competition, civil liability, and ratings of sovereign debt, in light of the Euro debt sovereign crisis. It concludes with the authors' support for an enhanced regulatory and oversight coordination at international level and for the implementation of the necessary steps to reduce the existing over-reliance on ratings.

Sovereign credit ratings

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Author :
Publisher : The Stationery Office
ISBN 13 : 9780108473722
Total Pages : 52 pages
Book Rating : 4.4/5 (737 download)

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Book Synopsis Sovereign credit ratings by : Great Britain: Parliament: House of Lords: European Union Committee

Download or read book Sovereign credit ratings written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2011-07-21 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU Economic and Financial Affairs and International Trade Sub-Committee's inquiry into the credit rating agencies' influence on the EU's sovereign debt crisis concludes that their role in the 2008 banking collapse, which was rightly criticised, should not colour assessments of their decisions on EU sovereign debt. The agencies have caused controversy each time they downgraded further the sovereign debt ratings of Greece, Ireland and Portugal. But the Committee says the downgrades reflect the seriousness of the problems in some Member States. The valid charge against the ratings agencies is not that they precipitated or exacerbated the euro area crisis, but rather that they failed to identify risks in some Member States which, in some cases, had been building for many years. Recommendations include: market investors must take responsibility for their own decisions and should not follow the agencies blindly as the basis for investment decisions; EU Governments should focus on correcting the flawed market structures which give undue weight to the rating agencies' opinions; credit rating agencies must learn from their failure to identify mounting risks in some euro area Member States; the European Commission should not press forward with proposals to establish a publicly funded European credit rating agency, but should consider launching a thorough competition inquiry into the credit rating industry; proposals to give sovereigns more advance warning of rating changes are flawed.

Turmoil in U.S. Credit Markets

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Publisher :
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Turmoil in U.S. Credit Markets by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Download or read book Turmoil in U.S. Credit Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2010 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sovereign Debt

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Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Sovereign Debt by : Donato Masciandaro

Download or read book Sovereign Debt written by Donato Masciandaro and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper was presented at the panel session on rating agencies and sovereign risk, held during the seminar on sovereign risk hosted by the BIS in January 2013.Full publication: "http://ssrn.com/abstract=2420000" Sovereign Risk: A World Without Risk-Free Assets?

Creditworthiness and 'Responsible Credit'

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Publisher : BRILL
ISBN 13 : 900452505X
Total Pages : 287 pages
Book Rating : 4.0/5 (45 download)

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Book Synopsis Creditworthiness and 'Responsible Credit' by : Noah Vardi

Download or read book Creditworthiness and 'Responsible Credit' written by Noah Vardi and published by BRILL. This book was released on 2022-09-12 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this comparative study in US and EU law, Noah Vardi questions whether there is a legally enforceable duty to lend and borrow credit in a “responsible” manner and clarifies the associated notion of “creditworthiness.”

Analysis of Financial Statements

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Publisher : John Wiley & Sons
ISBN 13 : 1118331915
Total Pages : 357 pages
Book Rating : 4.1/5 (183 download)

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Book Synopsis Analysis of Financial Statements by : Pamela Peterson Drake

Download or read book Analysis of Financial Statements written by Pamela Peterson Drake and published by John Wiley & Sons. This book was released on 2012-10-01 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fully update Third Edition of the most trusted book on financial statement analysis Recent financial events have taught us to take a more critical look at the financial disclosures provides by companies. In the Third Edition of Analysis of Financial Statements, Pamela Peterson-Drake and Frank Fabozzi once again team up to provide a practical guide to understanding and interpreting financial statements. Written to reflect current market conditions, this reliable resource will help analysts and investors use these disclosures to assess a company's financial health and risks. Throughout Analysis of Financial Statements, Third Edition, the authors demonstrate the nuts and bolts of financial analysis by applying the techniques to actual companies. Along the way, they tackle the changing complexities in the area of financial statement analysis and provide an up-to-date perspective of new acts of legislation and events that have shaped the field. Addresses changes to U.S. and international accounting standards, as well as innovations in the areas of credit risk models and factor models Includes examples, guidance, and an incorporation of information pertaining to recent events in the accounting/analysis community Covers issues of transparency, cash flow, income reporting, and much more Whether evaluating a company's financial information or figuring valuation for M&A's, analyzing financial statements is essential for both professional investors and corporate finance executives. The Third Edition of Analysis of Financial Statements contains valuable insights that can help you excel at this endeavor.

Financial Regulation and Civil Liability in European Law

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Publisher : Edward Elgar Publishing
ISBN 13 : 1789908116
Total Pages : 327 pages
Book Rating : 4.7/5 (899 download)

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Book Synopsis Financial Regulation and Civil Liability in European Law by : Olha O. Cherednychenko

Download or read book Financial Regulation and Civil Liability in European Law written by Olha O. Cherednychenko and published by Edward Elgar Publishing. This book was released on 2020-11-27 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book provides a comprehensive analysis of the interplay between EU financial regulation and civil liability. It explores this interrelationship in order to determine whether a coordinated approach has been adopted.

European Capital Markets Law

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Publisher : Bloomsbury Publishing
ISBN 13 : 1509942130
Total Pages : 787 pages
Book Rating : 4.5/5 (99 download)

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Book Synopsis European Capital Markets Law by : Rüdiger Veil

Download or read book European Capital Markets Law written by Rüdiger Veil and published by Bloomsbury Publishing. This book was released on 2022-03-24 with total page 787 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The richness, clarity and nuances of the structure and methodology followed by the contributors make the book a very valuable tool for students... seeking to obtain a general understanding of the market and how it is regulated.” – Ligia Catherine Arias Barrera, Banking & Finance Law Review The fully updated edition of this user-friendly textbook continues to systematise the European law governing capital markets and examines the underlying concepts from a broadly interdisciplinary perspective. The 3rd edition deals with 3 central developments: the project of the capital markets union; sustainable finance; and the further digitalisation of financial instruments and securities markets. The 1st chapter deals with the foundations of capital markets law in Europe, the 2nd explains the basics, and the 3rd examines the regime on market abuse. Chapter 4 explores the disclosure system and chapter 5 short-selling and high-frequency trading. The role of intermediaries, such as financial analysts, rating agencies, and proxy advisers, is described in chapter 6. Chapter 7 explains compliance and corporate governance in investment firms and chapter 8 illustrates the regulation of benchmarks. Finally, chapter 9 deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts. This is essential reading for students involved in the study of capital markets law and financial law.

Foundations of Global Financial Markets and Institutions, fifth edition

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Publisher : MIT Press
ISBN 13 : 0262039540
Total Pages : 1105 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Foundations of Global Financial Markets and Institutions, fifth edition by : Frank J. Fabozzi

Download or read book Foundations of Global Financial Markets and Institutions, fifth edition written by Frank J. Fabozzi and published by MIT Press. This book was released on 2019-04-30 with total page 1105 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thoroughly revised and updated edition of a textbook for graduate students in finance, with new coverage of global financial institutions. This thoroughly revised and updated edition of a widely used textbook for graduate students in finance now provides expanded coverage of global financial institutions, with detailed comparisons of U.S. systems with non-U.S. systems. A focus on the actual practices of financial institutions prepares students for real-world problems. After an introduction to financial markets and market participants, including asset management firms, credit rating agencies, and investment banking firms, the book covers risks and asset pricing, with a new overview of risk; the structure of interest rates and interest rate and credit risks; the fundamentals of primary and secondary markets; government debt markets, with new material on non-U.S. sovereign debt markets; corporate funding markets, with new coverage of small and medium enterprises and entrepreneurial ventures; residential and commercial real estate markets; collective investment vehicles, in a chapter new to this edition; and financial derivatives, including financial futures and options, interest rate derivatives, foreign exchange derivatives, and credit risk transfer vehicles such as credit default swaps. Each chapter begins with learning objectives and ends with bullet point takeaways and questions.