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Credit ratings

Tony Van Gestel and Bart Baesens

in Credit Risk Management: Basic Concepts: Financial Risk Components, Rating Analysis, Models, Economic and Regulatory Capital

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199545117
eISBN:
9780191720147
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199545117.003.0003
Subject:
Mathematics, Applied Mathematics, Mathematical Finance

This chapter discusses credit ratings. Like credit scores, credit ratings order the credit risk. Ratings represent the risk level into a limited number of categories. The chapter is organized as ... More


Credit Rating Agencies on the Watch List: Analysis of European Regulation

Raquel García Alcubilla and Javier Ruiz del Pozo

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199608867
eISBN:
9780191739125
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199608867.001.0001
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis ... More


Introduction

Garcia Alcubilla and Ruiz del Pozo

in Credit Rating Agencies on the Watch List: Analysis of European Regulation

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199608867
eISBN:
9780191739125
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199608867.003.0001
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

The introductory chapter provides in non-technical language an overview of the history of ratings, the role of rating agencies in financial markets, and the characteristics of the rating industry. It ... More


Institutional Failure and the Global Financial Crisis

Timothy J. Sinclair

in The Consequences of the Global Financial Crisis: The Rhetoric of Reform and Regulation

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199641987
eISBN:
9780191741586
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199641987.003.0008
Subject:
Business and Management, Political Economy, Finance, Accounting, and Banking

Who could have imagined the obscure, arcane business of debt rating would become — in the context of the worst economic and financial crisis since the Great Depression — a matter for serious public ... More


How, If At All, Should Credit Ratings Agencies (CRAs) Be Regulated? 1

C. A. E. Goodhart

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter examines how, if at all, should credit rating agencies be regulated. The author argues that most proposed regulation of CRAs is either useless or likely to be counterproductive. The CRAs ... More


Future Developments

Garcia Alcubilla and Ruiz del Pozo

in Credit Rating Agencies on the Watch List: Analysis of European Regulation

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199608867
eISBN:
9780191739125
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199608867.003.0005
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

The book starts with the weaknesses of the agencies in relation to asset-backed securities’ ratings and concludes with the policy discussions around the ratings of EU sovereign bonds, prompted by the ... More


“Private” Reform Ideas: Possible Market Solutions

Margaret Jane Radin

in Boilerplate: The Fine Print, Vanishing Rights, and the Rule of Law

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691155333
eISBN:
9781400844838
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155333.003.0010
Subject:
Law, Company and Commercial Law

This chapter considers “private” reform ideas or market solutions for improving the normative and democratic acceptability of boilerplate terms. It begins with a discussion of one potentially ... More


Introduction

Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole

in Balancing the Banks: Global Lessons from the Financial Crisis

Published in print:
2010
Published Online:
October 2017
ISBN:
9780691145235
eISBN:
9781400834648
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691145235.003.0001
Subject:
Business and Management, Finance, Accounting, and Banking

This introductory chapter begins by briefly setting out the book's purpose, which is to offer a perspective on what happened during the recent financial crisis and especially on the lessons to be ... More


The Agencies and What They Do

Timothy J. Sinclair

in To the Brink of Destruction: America’s Rating Agencies and Financial Crisis

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.003.0002
Subject:
Political Science, Political Economy

This chapter focuses on the work of rating agencies. Numerous people have misconceptions about rating agencies such as being created by the government. The process of disintermediation has made the ... More


Aftermath

Timothy J. Sinclair

in To the Brink of Destruction: America's Rating Agencies and Financial Crisis

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.003.0006
Subject:
Political Science, Political Economy

This chapter expounds on the survival of agencies. Moody's, S&P, and Fitch remain highly profitable and key institutions in the capital markets. Rating agencies purport to solve an information issue ... More


How to Think about the Agencies

Timothy J. Sinclair

in To the Brink of Destruction: America's Rating Agencies and Financial Crisis

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.003.0003
Subject:
Political Science, Political Economy

This chapter explores the understanding of rating agencies. The work of rating agencies was put under the spotlight for the first time following the Enron bankruptcy. The public understanding of ... More


Introduction

Timothy J. Sinclair

in To the Brink of Destruction: America's Rating Agencies and Financial Crisis

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.003.0001
Subject:
Political Science, Political Economy

This chapter introduces rating agencies. It clarifies that rating agencies are not financial institutions. Rating agencies played a big role in the lowering cost of debt financing which challenged ... More


The EU and Global Securities Markets Regulation

Lucia Quaglia

in The European Union and Global Financial Regulation

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199688241
eISBN:
9780191767517
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199688241.003.0004
Subject:
Political Science, European Union

The EU regulatory capacity in securities markets was relatively weak until the late 1990s, but was substantially enhanced with the so-called Lamfalussy reform. After the global financial crisis, the ... More


Public Regulation of Global Indicators

Sabino Cassese and Lorenzo Casini

in Governance by Indicators: Global Power through Quantification and Rankings

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199658244
eISBN:
9780199949915
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199658244.003.0018
Subject:
Law, Public International Law

This chapter addresses several arguments for and against the regulation of various global indicators. It uses the rating produced by credit rating agencies and argues that, in normative terms, the ... More


I’ll Be Gone. You’ll Be Gone.

Timothy J. Sinclair

in To the Brink of Destruction: America's Rating Agencies and Financial Crisis

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.003.0008
Subject:
Political Science, Political Economy

This chapter concludes on rating agencies and the global financial crisis. The active role of agencies robbed them of their established image as putatively disinterested parties, exposing them to ... More


Fatal Decisions:: Washington and London’s Deliberate Mistakes

Leo F. Goodstadt

in Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis

Published in print:
2011
Published Online:
September 2011
ISBN:
9789888083251
eISBN:
9789882207349
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789888083251.003.0003
Subject:
Economics and Finance, South and East Asia

The major accusation that the officials who were responsible for monetary affairs had to face was that they ignored the already visible indications for such a crisis. In this chapter, four case ... More


Cogs in the Wheel of Financial Destruction

Timothy J. Sinclair

in To the Brink of Destruction: America's Rating Agencies and Financial Crisis

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.003.0005
Subject:
Political Science, Political Economy

This chapter discusses the transition of rating agencies to an advisory role. Due to disintermediation, banks pursued securitized finance. The disintermediation of finance happens when borrowers seek ... More


Credit Analysis

Onnig H. Dombalagian

in Chasing the Tape: Information Law and Policy in Capital Markets

Published in print:
2015
Published Online:
September 2015
ISBN:
9780262028622
eISBN:
9780262324298
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028622.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter provides an overview of the regulation of information used in analyzing the creditworthiness of fixed-income securities. It begins with a discussion of credit analysis with respect to ... More


To the Brink of Destruction: America's Rating Agencies and Financial Crisis

Timothy J. Sinclair

Published in print:
2021
Published Online:
May 2022
ISBN:
9781501760242
eISBN:
9781501760266
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501760242.001.0001
Subject:
Political Science, Political Economy

This book exposes how America's rating agencies helped generate the global financial crisis of 2007 and beyond, surviving and thriving in the aftermath. Despite widespread scrutiny, rating agencies ... More


Information as a condition of justice in financial markets: The regulation of credit-rating agencies

Boudewijn de Bruin

in Just Financial Markets?: Finance in a Just Society

Published in print:
2017
Published Online:
May 2017
ISBN:
9780198755661
eISBN:
9780191816789
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198755661.003.0011
Subject:
Political Science, Political Economy

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt ... More


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