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Are Credit Ratings Procyclical?
SSRN Electronic Journal, 2003Abstract This paper studies the influence of the state of the business cycle on credit ratings. In particular, we assess whether rating agencies are excessively procyclical in their assignment of ratings. Our analysis is based on a model of ratings determination that takes into account factors that measure the business and financial risks of firms ...
C. H. Furfine, Jeffery D. Amato
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SSRN Electronic Journal, 2011
This contribution to the Working Paper Series of the Dutch central bank critically reviews the academic debate on the position and power of Credit Rating Agencies (CRAs) and, in the light thereof, analyses the European regulatory approach to CRAs, thereby combining insights from economics and law.
Jakob De Haan, Fabian Amtenbrink
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This contribution to the Working Paper Series of the Dutch central bank critically reviews the academic debate on the position and power of Credit Rating Agencies (CRAs) and, in the light thereof, analyses the European regulatory approach to CRAs, thereby combining insights from economics and law.
Jakob De Haan, Fabian Amtenbrink
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Credit Ratings and Credit Rating Agencies
SSRN Electronic Journal, 2011The present chapter discusses the characteristics of credit rating agencies and their credit ratings. In describing the role they both play on the global financial markets, it focuses in particular on the increasing importance that legal regulation has gained in the context of credit ratings, both due to the increase in regulation through credit ...
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2010
Bond rating and the establishment of formal CRAs began in 1909 when John Moody began rating US railroad bonds, soon expanding to utility and industrial bonds. Poor’s Publishing Company followed in 1916 and Fitch Publishing Company in 1924. The business was characterised by the investor-pays model, where investors bought reports from the CRAs containing
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Bond rating and the establishment of formal CRAs began in 1909 when John Moody began rating US railroad bonds, soon expanding to utility and industrial bonds. Poor’s Publishing Company followed in 1916 and Fitch Publishing Company in 1924. The business was characterised by the investor-pays model, where investors bought reports from the CRAs containing
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Valuation of credit contingent interest rate swap with credit rating migration
International Journal of Computer Mathematics, 2020In this paper, a flexible pricing model for Credit Contingent Interest Rate Swap (CCIRS) with credit rating migration is proposed, which is sensitive to stochastic interest rates and counterparty d...
Jin Liang, Hongchun Zou
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Creditability of Credit Rating Agencies
SSRN Electronic Journal, 2013Credit rating is an "opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating ...
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Credit Ratings and Rating Agencies
2020Credit rating agencies have developed as an information intermediary in the credit market because there are very large numbers of bonds outstanding with many different features. The Securities Industry and Financial Markets Association reports over $20 trillion of corporate bonds, mortgaged-backed securities, and asset-backed securities in the United ...
Miles Livingston, Lei Zhou
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Rating the credit rating agencies
Applied Economics, 2016ABSTRACTWe offer herein several policy tools that can assist the new Office of Credit Ratings within the Securities and Exchange Commission in assessing the quality of past credit ratings and thus measuring the inclusive competency of credit rating agencies.
Dror Parnes, Sagi Akron
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2017
Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify
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Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify
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The Cases in Organizational Behaviour provides a bridge between course textbooks and key real-world examples. The Credit ratings case study summarizes and examines the scenario and includes supporting commentary from Daniel King and Scott Lawley.
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