منابع مشابه
The Optimal Regulation of Credit Rating Agencies
Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of CRAs in a model where rating quality is unobservable and enforcing regulation is costly. The model show...
متن کاملWhen Low Standards are a Winning Strategy: How Credit Rating Agencies Compete∗
We empirically analyze the effects of the entry into structured finance products of new credit rating agencies on the rigor of ratings. Our setting is unique as we study a period in which the incumbents’ reputation was extremely poor in these assets and the benefit of more fee income from inflating ratings was low. We nevertheless find that the entrants issue systematically more generous rating...
متن کاملA “sarbanes-oxley” for Credit Rating Agencies? a Comparison of the Roles Auditors’ and Credit Rating Agencies’ Conflicts of Interests Played in Recent Financial Crises
Both auditors and credit rating agencies have been linked to financial scandals in recent history. In the early 2000’s, several of the “big five” accounting firms issued favorable audit opinions to public companies employing deceptive accounting practices. Some of these companies even committed outright fraud. Once the investing public caught wind of these accounting irregularities, it lost tru...
متن کاملRATING AGENCIES Harold Cole
For decades credit rating agencies were viewed as trusted arbiters of creditworthiness and their ratings as important tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry to a form where issuers pay for ratings. In this paper we show how credit ratings have value in equilibrium and how reputation insures that, in equilibrium...
متن کاملStem cell-derived astrocytes: are they physiologically credible?
Astrocytes are now increasingly acknowledged as having fundamental and sophisticated roles in brain function and dysfunction. Unravelling the complex mechanisms that underlie human brain astrocyte-neuron interactions is therefore an essential step on the way to understanding how the brain operates. Insights into astrocyte function to date have almost exclusively been derived from studies conduc...
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ژورنال
عنوان ژورنال: International Journal of Public Policy
سال: 2013
ISSN: 1740-0600,1740-0619
DOI: 10.1504/ijpp.2013.053437