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The independence of credit rating agencies : how business models and regulators interact / Gianluca Mattarocci; foreword by Kam C. Chan
Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Publisher: Amsterdam : Academic Press/Elsevier, 2014Edition: First editionDescription: Online-Ressource (1 online resource (xxii, 177 pages)) : illustrationsISBN:- 9781306070683
- 1306070686
- 9780124047365
- 9780124045699
- 332.7
- 200
- 343.73 343.73076
- HG3751.5
- KF27
Contents:
Summary: 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 tPPN: PPN: 807192325Package identifier: Produktsigel: ZDB-26-MYL | ZDB-30-PAD | ZDB-30-PBE | ZDB-30-PQE
Front Cover; The Independence of Credit Rating Agencies; Copyright Page; Dedication; Contents; Foreword; Acknowledgements; List of Tables; List of Figures; Introduction; 1 Rating Agencies and the Rating Service; 1.1 Introduction; 1.2 The Rating Service; 1.2.1 Issuer Rating; 1.2.2 Issue Rating; 1.2.3 Solicited Ratings; 1.2.4 Unsolicited Ratings; 1.3 Rating Service Users; 1.3.1 Financial Investors; 1.3.2 Financial Intermediaries; 1.4 Conclusions; 2 Rating and Financial Markets; 2.1 Introduction; 2.2 The Impact of New Ratings on Issuers and Issues
2.3 The Impact of Rating Changes on Issuers and Issues2.4 Regulation in the Rating Sector; 2.5 The Great Financial Crisis and the Role of Rating Agencies; 2.5.1 Rating Actions During the Crisis and Different Rater Behaviors; 2.5.2 Perspectives of the New Regulation; 2.6 Conclusions; 3 The Rating Market; 3.1 Introduction; 3.2 History of the Rating Industry; 3.3 Entry Barriers for Newcomers; 3.4 The Current Rating Market; 3.5 The Evolution of Competition in the Rating Market; 3.6 Conclusion; 4 Economic and Financial Equilibrium of Rating Agencies; 4.1 Introduction; 4.2 Balance Sheet
4.3 Income Statement4.4 Cash Flow Statement; 4.5 Conclusions; 5 Rating Agencies' Pricing Policies; 5.1 Introduction; 5.2 Pricing Policies for Information Providers and Rating Agencies; 5.3 Rating Agency Fees; 5.4 Issuer and User Fee Models; 5.4.1 User Fee Model; 5.4.2 Issuer Fee Model; 5.4.3 Rating Agency Choices and their Implications for the Business Models; 5.5 Pricing Policies for Issuer and User Fee Models; 5.5.1 Fee Policy for Issuer Fee Rating Models; 5.5.2 Fee Policy for User Fee Rating Models; 5.6 Conclusions; 6 Organizational Structure and Rating Agency Independence
6.1 Introduction6.2 Ethical Codes; 6.3 Information Flows and Monitoring Methods; 6.4 Legal Status and Ownership Concentration; 6.5 Group Affiliation; 6.6 Public Intervention; 6.7 Conclusions; 7 The Economic Independence of Rating Agencies; 7.1 Introduction; 7.2 Customer Relationships for Rating Agencies; 7.3 Measuring Economic Independence of Rating Agencies; 7.4 Measuring Portfolio Concentration for Rating Agencies; 7.4.1 Sample; 7.4.2 Methodology; 7.4.3 Results; 7.5 Conclusions; Conclusions; Appendix; Details About Rating Fees Policy Adopted by Agencies; References; Index
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