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Regulating The Raters
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Book Synopsis Regulating the Raters by : Harold Furchtgott-Roth
Download or read book Regulating the Raters written by Harold Furchtgott-Roth and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers and producers frequently rely on product ratings, such as college rankings, restaurant reviews and bond ratings. While much has been written about the structure of ratings in particular industries, little has been written on the general structure of different ratings industries and whether government intervention is typically needed. This paper begins that inquiry by examining the market structure of different ratings industries, and considering the circumstances under which firms that provide ratings should be regulated. The issue is particularly timely in light of recent calls to rethink the regulation of media ratings and credit ratings. We find that ratings firms in different industries share several common features. For example, most ratings firms operate in highly concentrated markets. Some factors that could make ratings markets more concentrated include economies of scale, benefits from having a single standard, and general agreement on what should be measured. We also find that most ratings firms determine their own testing standards and methods, although some industries have self-governing oversight bodies that offer their own accreditation standards. While the government regulates firm entry for a few ratings industries, this is relatively rare. The vast majority of ratings firms are unregulated. We analyze the question of regulation using an economic framework that focuses on the viability and effectiveness of a proposed policy. Despite the finding that many ratings industries are concentrated, our analysis suggests that market forces generally appear to be an effective mechanism for providing consumers and producers with useful ratings. In most cases, such markets do not require government intervention. Moreover, in industries characterized by rapid technological change the government is likely to do more harm than good by intervening. As an alternative to government regulation, voluntary industry oversight bodies may be effective in improving communication between the parties and in improving transparency in rating procedures.
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
Author :United States. Congress. Senate. Committee on Governmental Affairs Publisher : ISBN 13 : Total Pages :220 pages Book Rating :4.:/5 (51 download)
Book Synopsis Rating the Raters by : United States. Congress. Senate. Committee on Governmental Affairs
Download or read book Rating the Raters written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 2002 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Independence of Credit Rating Agencies by : Gianluca Mattarocci
Download or read book The Independence of Credit Rating Agencies written by Gianluca Mattarocci and published by Academic Press. This book was released on 2013-10-22 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability. Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies. This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait. - Reports on one of the key causes of the 2008 financial crisis: agencies that failed to understand how to analyze financial products - Describes inherent business model and pricing conflicts that compromise the independence of credit rating agencies - Reveals how rating agencies large and small, regulatory bodies, and vested interests interact in setting fees and policies
Author :United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Consumer Protection and Finance Publisher : ISBN 13 : Total Pages :108 pages Book Rating :4.3/5 (91 download)
Book Synopsis Municipal Bonds Rating Regulation by : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Consumer Protection and Finance
Download or read book Municipal Bonds Rating Regulation written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Consumer Protection and Finance and published by . This book was released on 1976 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulating the Rating Agencies by : Claire A. Hill
Download or read book Regulating the Rating Agencies written by Claire A. Hill and published by . This book was released on 2008 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until four days before En ...
Book Synopsis THE FAIR RATE OF RETURN IN PUBLIC UTILITY REGULATION. by : Nelson Lee Smith
Download or read book THE FAIR RATE OF RETURN IN PUBLIC UTILITY REGULATION. written by Nelson Lee Smith and published by . This book was released on 1928 with total page 982 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly Publisher : ISBN 13 : Total Pages :546 pages Book Rating :4.3/5 (243 download)
Book Synopsis The Insurance Industry: Ocean marine, rating, and State rate regulation by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly
Download or read book The Insurance Industry: Ocean marine, rating, and State rate regulation written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly and published by . This book was released on 1958 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Insurance Industry: Ocean marine, rating, and State rate regulation by : United States. Congress. Senate. Committee on the Judiciary
Download or read book The Insurance Industry: Ocean marine, rating, and State rate regulation written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1959 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit Rating Agencies by : Mohammed Hemraj
Download or read book Credit Rating Agencies written by Mohammed Hemraj and published by Springer. This book was released on 2015-06-22 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities ‘3-A’ investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the “Reform Act” and “Dodd-Frank Act” in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and regulators’ attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Publisher : ISBN 13 : Total Pages :144 pages Book Rating :4.3/5 (91 download)
Book Synopsis Approaches to Improving Credit Rating Agency Regulation by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Download or read book Approaches to Improving Credit Rating Agency Regulation written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2009 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Oxford University Press. This book was released on 2012-03-29 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rating agencies judge how solvent banks and big companies are. Prior to the financial crisis they were too optimistic when rating the risk of the banks and this prompted politicians worldwide to issue new regulations. This book explains what rating agencies do, why they are so important for the economy, and the new European Regulation.
Book Synopsis The Foundations and Future of Financial Regulation by : Mads Andenas
Download or read book The Foundations and Future of Financial Regulation written by Mads Andenas and published by Routledge. This book was released on 2013-11-20 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.
Book Synopsis Executive Functions, Self-Regulation and External-Regulation: Relations and new evidence by : Jesus de la Fuente
Download or read book Executive Functions, Self-Regulation and External-Regulation: Relations and new evidence written by Jesus de la Fuente and published by Frontiers Media SA. This book was released on 2023-12-18 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :140 pages Book Rating :4.:/5 (327 download)
Book Synopsis Examining Proposals to Enhance the Regulation of Credit Rating Agencies by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Examining Proposals to Enhance the Regulation of Credit Rating Agencies 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 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Research Handbook on the Economics of Corporate Law by : Claire A. Hill
Download or read book Research Handbook on the Economics of Corporate Law written by Claire A. Hill and published by Edward Elgar Publishing. This book was released on 2012-04-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprising essays specially commissioned for the volume, leading scholars who have shaped the field of corporate law and governance explore and critique developments in this vibrant and expanding area and offer possible directions for future research. This important addition to the Research Handbooks in Law and Economics series provides insights into subjects such as the role of directors, shareholders, creditors and employees; empirical studies of litigation and shareholder activism; executive compensation; corporate gatekeepers; comparative law; and behavioral approaches to law and finance. Topics are organized within five sections: corporate constituencies, insider governance, gatekeepers, jurisdiction, and new theory. Taken as a whole, the volume serves as an introduction for those new to the field and as a reference for those unfamiliar with some of the topics discussed. Authoritative and accessible, the Research Handbook on the Economics of Corporate Law will be a valuable resource for students, scholars, and practitioners of corporate law and economics.
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.
