Credit Rating Agencies and Moral Hazard

被引：3

作者：

Bozovic, Milos ^{[1
,2
]}

Urosevic, Branko ^{[3
,4
]}

Zivkovic, Bosko ^{[3
]}

机构：

[1] Ctr Investments & Finance, Belgrade, Serbia

[2] Univ Novi Sad, Fac Sci, Novi Sad 21000, Serbia

[3] Univ Belgrade, Fac Econ, Belgrade 11001, Serbia

[4] Natl Bank Serbia, Belgrade, Serbia

来源：

PANOECONOMICUS | 2011年 / 58卷 / 02期

关键词：

Credit rating agencies; Solicited and unsolicited ratings; Moral hazard;

D O I：

10.2298/PAN1102219B

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The failure of credit rating agencies to properly assess risks of complex financial securities was instrumental in setting off the global financial crisis. This paper studies the incentives of companies and rating agencies and argues that the way the current rating market is organized may provide agencies with intrinsic disincentives to accurately report credit risk of securities they rate. Informational inefficiency is only enhanced when rating agencies function as an oligopoly or when they rate structured products. We discuss possible market and regulatory solutions to these problems.

引用

页码：219 / 227

页数：9

共 50 条

[21] The Credit Rating Agencies and Their Contribution to the Financial Crisis
Mullard, Maurice
POLITICAL QUARTERLY, 2012, 83 (01): : 77 - 95
[22] THE CREDIT-RATING AGENCIES AND THE SUBPRIME DEBACLE
White, Lawrence J.
CRITICAL REVIEW, 2009, 21 (2-3) : 389 - 399
[23] CREDIT RATING AGENCIES: A REGULATORY CHALLENGE FOR AUSTRALIA
Bunjevac, Tin A.
MELBOURNE UNIVERSITY LAW REVIEW, 2009, 33 (01): : 39 - 67
[24] Credit Rating Agencies The Basics for Business Research
Hartmann, Janet
ONLINE, 2012, 36 (01): : 14 - 20
[25] Are working remittances relevant for credit rating agencies?
Avendano, Rolando
Gaillard, Norbert
Nieto-Parra, Sebastian
REVIEW OF DEVELOPMENT FINANCE, 2011, 1 (01) : 57 - 78
[26] An Improved Regulatory Framework for Credit Rating Agencies?
Weston, James
GLOBAL CREDIT REVIEW, 2012, 2 (01) : 11 - 37
[27] Credit Rating Agencies and the IPE: Not as influential as thought?
Soudis, Dimitrios
REVIEW OF INTERNATIONAL POLITICAL ECONOMY, 2015, 22 (04) : 813 - 837
[28] Credit Rating Agencies (CRAs) and European Regulation
Lamandini, Marco
EUROPEAN COMPANY LAW, 2009, 6 (03): : 131 - 134
[29] IS CREDIT RATING RESERVED TERRITORY FOR CREDIT RATING AGENCIES? A MULTIMOORA APPROACH FOR EUROPEAN FIRMS AND COUNTRIES
Brauers, Willem K. M.
Lepkova, Natalija
TECHNOLOGICAL AND ECONOMIC DEVELOPMENT OF ECONOMY, 2019, 25 (06) : 1259 - 1281
[30] Information asymmetry and the Brazilian sovereign rating in the assessment of Credit Rating Agencies
do Nascimento, Romario Rocha
Costa, Mauricio Martins
CONTABILIDADE GESTAO E GOVERNANCA, 2022, 25 (03): : 398 - 415

← 1 2 3 4 5 →