Does reputation still matter to credit rating agencies?
Küçük Resim Yok
Tarih
2017
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Physica-Verlag
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
The purpose of this study is to analyze and critically review the role of credit rating agencies in financial markets. The remarkable disappointment of top-rated structured finance products in the subprime crisis has placed renewed attention on credit rating agencies. As a result of this development, the ongoing debate about whether market forces provide sufficient control of rating agencies or whether regulation is necessary has been rekindled. The discussion focuses on the argument that the reputation of a credit rating agency is sufficient to discipline them. This essay contributes to this debate by providing a behavioral perspective. The introduction provides a brief historical overview and examines the role of credit rating agencies in financial markets. The second section addresses the role of rating agencies in the subprime crisis by highlighting the conflict of interest problem, ratings quality and regulation. The next section analyzes the effects of US- and EU-based regulations. The main contribution of this paper is made in the last section, which points out the behavioral perspective on credit ratings. © Springer International Publishing AG 2017.
Açıklama
Anahtar Kelimeler
Kaynak
Contributions to Economics
WoS Q Değeri
N/A
Scopus Q Değeri
Q4
Cilt
2018
