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Author : Alexander B. Matthies
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Empirical Research on Corporate Credit-Ratings written by Alexander B. Matthies and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard M. Levich
Publisher : Springer Science & Business Media
ISBN 13 : 1461509998
Total Pages : 380 pages
Book Rating : 4.4/5 (615 download)
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.
Author : Stefan Menke
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (954 download)
Download or read book Exploring the Relationship Between Corporate Credit Ratings and Strategic Decision Making written by Stefan Menke and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ed deHaan
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Financial Crisis and Corporate Credit Ratings written by Ed deHaan and published by . This book was released on 2017 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit ratings on many financial instruments failed to accurately portray default risk before the global financial crisis. I find no decline in the performance of corporate credit ratings during or after the crisis, indicating that the failures of ratings on financial instruments were due to conditions unique to the rating agencies' financial instruments divisions. Rather, the preponderance of tests indicate that corporate credit rating performance improves after the crisis, consistent with the rating agencies positively responding to public criticism and regulatory pressures. At the same time, I find evidence of sophisticated market participants decreasing their reliance on corporate credit ratings after the crisis. Consistent with theoretical models of reputation cyclicality, a likely explanation is that the rating agencies suffer spillover reputation damage from their failed ratings on financial instruments. My study informs regulators, practitioners, and academics about the performance of corporate credit ratings during and after the crisis, and provides novel empirical evidence consistent with reputation concerns affecting credit rating usage decisions.An Internet Appendix with supplementary materials is available at the following URL: 'http://ssrn.com/abstract=2908178' http://ssrn.com/abstract=2908178.
Author : Donald Nordberg
Publisher : SAGE
ISBN 13 : 1446248232
Total Pages : 289 pages
Book Rating : 4.4/5 (462 download)
Download or read book Corporate Governance written by Donald Nordberg and published by SAGE. This book was released on 2010-11-15 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering a fresh look at the commonly accepted view of what constitutes good governance, Donald Nordberg explores the contexts of board decisions and draws upon his academic research and years of business and financial journalism in Europe, North America and Asia to provide a distinctive and pertinent contribution to the literature on corporate governance. The book: - Features 21 detailed case studies, drawn from international examples, to prompt discussion and analysis - Provides topical, up-to-date examples and evidence - Gives attention to the important question "What next for Corporate Governance?" Supporting features include: Case Study questions; "Agenda Point" boxes to provide further analysis and consideration on topical issues; Further readings; Companion Website, featuring online resources.
Author : Gianluca Mattarocci
Publisher : Academic Press
ISBN 13 : 012404736X
Total Pages : 200 pages
Book Rating : 4.1/5 (24 download)
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 : Yasuyuki Fuchita
Publisher : Brookings Institution Press
ISBN 13 : 0815729820
Total Pages : 216 pages
Book Rating : 4.8/5 (157 download)
Download or read book Financial Gatekeepers written by Yasuyuki Fuchita and published by Brookings Institution Press. This book was released on 2007-02-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).
Author : Ed deHaan
Publisher :
ISBN 13 :
Total Pages : 91 pages
Book Rating : 4.:/5 (878 download)
Download or read book The Financial Crisis and Credibility of Corporate Credit Ratings written by Ed deHaan and published by . This book was released on 2013 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit ratings on certain structured finance products significantly underestimated default risk prior to the recent financial crisis. Rating agency executives acknowledge that these failures damaged the agencies' credibility with respect to credit ratings on structured finance products. I investigate whether the agencies' credibility with respect to corporate credit ratings also suffers as a result of the financial crisis, as well as how credibility damage affects the use of corporate ratings and accounting information in debt pricing. I find evidence consistent with credibility concerns motivating debt market participants to simultaneously decrease their reliance on corporate credit ratings and increase their reliance on accounting data in the post-crisis period. Additional tests are consistent with corporate ratings being viewed as optimistically biased as opposed to simply inaccurate. Most directly, my study provides insight as to the credibility effects of the financial crisis on the credit rating agencies. More broadly, my study provides new empirical evidence on the relation between credit rating credibility and usage, and also informs the literature about the substitutability between corporate credit ratings and accounting information in debt markets.
Author : Herwig M. Langohr
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 662 pages
Book Rating : 4.F/5 ( download)
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.
Author : Christian Kronwald
Publisher : GRIN Verlag
ISBN 13 : 3640575571
Total Pages : 39 pages
Book Rating : 4.6/5 (45 download)
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...
Author : Ashwin Madhou
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Interaction Between Working Capital and Corporate Credit Ratings written by Ashwin Madhou and published by . This book was released on 2013 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cash flow adequacy is one of the critical factors influencing corporate credit decisions. Since working capital deals with short-term cash flows, we explore the interaction between working capital and corporate credit ratings. By employing working capital and firm's characteristics as explanatory variables, we examine the determinants of corporate credit ratings. Following a rigorous data selection methodology and hypothesis testing, corporate credit ratings of Australian firms are collected from Standard & Poor's for the period 2003-2008. By employing panel least squares (cross-section fixed effects) and ordered logit models, we provide evidence on the determinants of corporate credit ratings. Empirical evidence suggests that working capital influence corporate credit ratings and we report cash, inventory and size as statistically significant determinants of corporate credit ratings.
Author : Eleimon Gonis
Publisher :
ISBN 13 :
Total Pages : 386 pages
Book Rating : 4.:/5 (796 download)
Download or read book The Rating Decision and the Determinants of Credit Ratings written by Eleimon Gonis and published by . This book was released on 2010 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anamaria Cociorva
Publisher :
ISBN 13 : 9789177539568
Total Pages : pages
Book Rating : 4.5/5 (395 download)
Download or read book Essays on Credit Ratings written by Anamaria Cociorva and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of four self-contained articles, all of which contribute to the empirical research on credit ratings. Broadly speaking, the first two papers highlight two less ordinary “uses” of credit ratings, in the context of (1) measuring financial constraints and (2) bond market segmentation. The last two papers focus on a relatively new concept in the credit ratings’ literature, specifically the time variation in rating standards, by looking at the sovereign credit ratings, and at how the time variation in rating standards has been measured and interpreted in prior literature.?By using an extensive set of tests and corporate investment decisions indicating various degrees of financial constraints, the first paper provides first-hand evidence of the ability of credit ratings to capture corporate responses consistent with various levels of financial constraints. We find that they outperform six common financial constraints proxies in each of our tests and shocks.?In the second paper, I use an exogenous change in the index inclusion criteria for a large, widely followed bond index, to show that bonds also exhibit an “index” effect following either addition or deletion to the bond index. Furthermore, this exogenous change leads to different types of index effects, allowing me to compare, for the first time, the relative effect of positive (addition) and negative (deletion) changes in a bond index composition. In this comparison, I find that index addition triggers a market reaction twice as large as index deletion, suggesting that investor awareness may be an important channel for bond pricing.??The third paper is the first to provide evidence of rating conservatism for sovereign (i.e. country) credit ratings. I find that a sovereign that received an AA rating in 1993 would only get an A+ twenty years later in spite of maintaining the same economic environment, and this change in conservatism is not justified by an increase in the default rates or by a riskier global environment.??In the final paper, I revisit the method commonly used for measuring time variation (i.e. conservatism) of rating standards over time, and I find that the decrease in the year coefficients (i.e. the measure for conservatism according to prior research) is largely a result of common secular trends in the financial variables included in the model. While my findings do not disprove the existence of conservatism, they suggest that its true magnitude may be significantly lower, and that other empirical methods might be more suitable for its assessment.
Author : Chenghuan Sean Chu
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (13 download)
Download or read book Empirical Analysis of Credit Ratings Inflation as a Game of Incomplete Information written by Chenghuan Sean Chu and published by . This book was released on 2014 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper models competition among credit rating agencies as an auction. Equilibrium ratings give a distorted representation of agencies' true assessment of quality, because the agencies choose their ratings strategically. I quantify the distortion in ratings for individual commercial mortgage-backed securities, and find the extent of distortion to be an important predictor of the securities' ex post performance. I also find that the distortion magnitudes decreased after the recent financial crisis. Through counterfactual simulations, I determine the marginal impact of additional rating agencies on distortions, and I identify the impact of proposed disclosure requirements.
Author : Chunqian Shen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (95 download)
Download or read book Essays on Corporate Governance, Financial Accounting and Credit Ratings written by Chunqian Shen and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Herwig Langohr
Publisher : John Wiley & Sons
ISBN 13 : 0470714352
Total Pages : 524 pages
Book Rating : 4.4/5 (77 download)
Download or read book The Rating Agencies and Their Credit Ratings written by Herwig Langohr and published by John Wiley & Sons. This book was released on 2010-04-01 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off between risk and return. However, they have also been strongly criticised for failing to spot the Asian crisis in the early 1990s, the Enron, WorldCom and Parmalat collapses in the early 2000s and finally for their ratings of subprime-related structured finance instruments and their role in the current financial crisis. This book 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. It avoids the sensationalist approach often associated with studies of rating scandals and the financial crisis, and instead provides an objective and critical analysis of the business of ratings. The book will be of practical use to any individual who has to deal with ratings and the ratings industry in their day-to-day job. Reviews "Rating agencies fulfil an important role in the capital markets, but given their power, they are frequently the object of criticism. Some of it is justified but most of it portrays a lack of understanding of their business. In their book The Rating Agencies and their Credit Ratings, Herwig and Patricia Langohr provide an excellent economic background to the role of rating agencies and also a thorough understanding of their business and the problems they face. I recommend this book to all those who have an interest in this somewhat arcane but extremely important area." -Robin Monro-Davies, Former CEO, Fitch Ratings. "At a time of unprecedented public and political scrutiny of the effectiveness and indeed the basic business model of the Credit Rating industry, and heightened concerns regarding the transparency and accountability of the leading agencies, this book provides a commendably comprehensive overview, and should provide invaluable assistance in the ongoing debate." -Rupert Atkinson, Managing Director, Head of Credit Advisory Group, Morgan Stanley and member of the SIFMA Rating Agency Task Force "The Langohrs have provided useful information in a field where one frequently finds only opinions or misconceptions. They supply a firm base from which to understand changes now underway. A well-read copy of this monograph should be close to the desk of every investor, issuer and financial regulator, legislator or commentator." -John Grout, Policy and Technical Director, The Association of Corporate Treasurers
Author : Sascha H. Mölls
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (943 download)
Download or read book Does corporate governance affect (credit-)ratings? written by Sascha H. Mölls and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
