Rating agencies and the fallout of the 2007-2008 financial crisis:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Frankfurt am Main
Peter Lang
[2016]
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | pages cm |
| ISBN: | 9783631676219 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Petra Lieven
Rating Agencies and the Fallout of
the 2007-2008 Financial Crisis
PL ACADEMICRESEARCH
Table of Contents
Abbreviations XV
List of Figures and Tables XIX
Introduction 1
1 What Caused the Economic and
Financial Crisis 2007-2008? 7
1 1 Background 8
1 2 The Financial Market Turmoil 2007-2008 10
121 MBS Corrections and the Securitization Business 11
122 Rating Agencies 12
123 Global Markets Contagion 13
1 3 Conclusion 16
2 The Crisis of 2007-2008 17
2 1 On the Role of Rating Agencies 18
2 2 Rating Agencies Role in Structured Finance 18
2 3 Main Points of Criticism Leveled at Rating Agencies 22
231 Conflicts of Interest in Rating Agencies Business Model 22
232 Lack of Competition 26
233 Liability of Rating Agencies 27
234 Lack of Transparency in the Rating Process 30
235 Deficiencies in the Rating Method and in the Rating Process 31
236 Quasi-Regulatory Role of Rating Agencies 39
2 4 Conclusion 40
IX
3 The Rating Agencies Defense - A Critical Review 43
3 1 The Role of Rating Agencies and their Rating
in the Capital Markets 43
3 2 Managing Conflicts of Interest 45
321 Rating Agencies Business Model 45
322 Individual Conflicts of Interest 49
323 Rating Shopping 50
3 3 Competition Amongst Rating Agencies 52
3 4 Liability 54
3 5 Trancperency in the Rating Process 57
3 6 Perceived Weakness in the Rating Process 57
3 7 Regulatory Role of Rating Agencies 65
3 8 Conclusions 67
4 The Rating Process 71
4 1 Rating Symbols, Definitions and the SI Modifier 72
4 2 Creation of Structured Finance Instruments 74
421 How Rating Agencies Conduct the Rating Process
for Structured Finance Instruments 76
422 Request for Rating 79
423 Pre-Analysis 79
424 Proceeding of the Rating Process 80
425 The Committee Process and Communication of Decision 81
426 Assigning the Final Rating 82
4 3 Areas of Analysis 82
431 Analyzing the Financial Structure of the Transaction 83
432 Initial Evaluation 86
433 Cash Flow Analysis 86
434 Synthetic Transactions 89
435 Assessing Operational and Administrative Risks 92
436 Analysis of Counterparty Risks 93
X
437 Legal and Transaction Document Risks
in Structured Finance Transactions 94
4 4 Rating Action Commentary and Supporting Guidelines 95
4 5 The Role and Function of Credit-Quality Monitoring 95
4 6 Conclusion 97
5 Rating Agencies and Price Determination
in Financial Markets 99
5 1 Price Theory and Prices 100
5 2 Distinguishing Between Price and Value 102
521 Evaluation ofValue and Price for Financial Products 104
522 Deriving Prices from Values 105
5 3 Markets, Credit Markets, and Prices 106
531 Price Determination in Credit Markets 108
5 4 Rating Agencies and their Role in the
Determination of Prices 110
541 Abstraction and Reduction of Real ity 112
542 Calculative Tools and Judgment Devices 113
5 5 Conclusion 117
6 Regulators, Regulations, and Price Determination
in Financial Markets 119
6 1 Regulation of Financial Markets 120
611 History of Regulations in Financial Markets 120
612 Objectives of Financial Market Regulation 120
613 How Regulators and Regulations Regulate Financial Markets 121
614 Regulation, De-Regulation, Liberalization,
and their Impact on Globalization 122
6 2 Regulatory Impact on Price Determination
in Financial Markets 124
621 Prices and Regulation 124
XI
622 Effects of Regulatory Rules on Insider Trading and
Price Formation in Financial Markets 129
6 3 Regulatory Issues Related to Rating Agencies 131
631A Regulatory Paradigm for Rating Agencies 131
632 Private Securities Litigation Reform Act of 1995 133
633 The Sarbanes-Oxley Act of 2002 135
634 Credit Rating Agency Reform Act of 2006 136
635 Basel I to II framework 138
636 The Rating Agencies Paradox and the Consequences
of Under Regulation 139
637 The de Larosiere Report and the FSA Turner Review 140
64A Regulatory Future for Rating Agencies 141
6 5 Conclusion 142
7 Responses to Rating Agencies Shortcomings 145
7 1 The European Position 147
711 Regulation and Reform of Rating Agencies
after the 2007-2008 Crisis 147
712 The Basel Perspective 150
713 Current Regulatory Efforts (2013) 152
714 The European Rating Agency Case 152
7 2 The Chinese Position (and an Emergent Russian Ally) 153
7 3 The Indian Position 158
7 4 The Canadian Position 162
7 5 The Australian Position 164
7 6 The Japanese Position 166
7 7 Rating Agencies and the Future of Regulatory Oversight 168
7 8 Conclusion 170
8 Empirical Research: Design and Methodology 173
8 1 Purpose and Research Approach 173
XII
8 2 Research Approach 174
8 3 Research Strategy 175
8 4 Selected Research Method 175
8 5 Methodology Interviews 176
8 6 Data Collection 178
8 7 Quality Criteria 179
8 8 Questionnaire Development 180
9 Empirical Research: Results 183
9 1 Topic 1: Helpfulnes of Credit Ratingss and
the Absence of Binding Guidelines 183
9 2 Topic 2: Intelligibility of Rating Agencies Terminology and
Methodology - Alternative Ways to Assess Credit Risk 185
9 3 Topic 3: Removal of References to Credit Ratings 192
9 4 Topic 4: Liability of Rating Agencies 193
9 5 Topic 5: Alternatives to Rating Agencies in General and their
Embedding in a Governmental Setting 195
9 6 Summary 198
10 Discussion, Further Research, Limitations,
and Conclusion 201
10 1 Discussion 201
10 2 Further Research 219
10 3 Limitations 220
Conclusion 223
References 225
XIII
|
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| spelling | Lieven, Petra 1962- aut Rating agencies and the fallout of the 2007-2008 financial crisis Petra Lieven Frankfurt am Main Peter Lang [2016] pages cm txt rdacontent n rdamedia nc rdacarrier Geschichte 2007-2008 gnd rswk-swf Politik Rating agencies (Finance) Global Financial Crisis, 2008-2009 Financial crises Government policy Ratingagentur (DE-588)4276573-0 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf Geschichte 2007-2008 z Ratingagentur (DE-588)4276573-0 s Finanzkrise (DE-588)7635855-0 s 1\p DE-604 HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029616778&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Lieven, Petra 1962- Rating agencies and the fallout of the 2007-2008 financial crisis Politik Rating agencies (Finance) Global Financial Crisis, 2008-2009 Financial crises Government policy Ratingagentur (DE-588)4276573-0 gnd Finanzkrise (DE-588)7635855-0 gnd |
| subject_GND | (DE-588)4276573-0 (DE-588)7635855-0 |
| title | Rating agencies and the fallout of the 2007-2008 financial crisis |
| title_auth | Rating agencies and the fallout of the 2007-2008 financial crisis |
| title_exact_search | Rating agencies and the fallout of the 2007-2008 financial crisis |
| title_full | Rating agencies and the fallout of the 2007-2008 financial crisis Petra Lieven |
| title_fullStr | Rating agencies and the fallout of the 2007-2008 financial crisis Petra Lieven |
| title_full_unstemmed | Rating agencies and the fallout of the 2007-2008 financial crisis Petra Lieven |
| title_short | Rating agencies and the fallout of the 2007-2008 financial crisis |
| title_sort | rating agencies and the fallout of the 2007 2008 financial crisis |
| topic | Politik Rating agencies (Finance) Global Financial Crisis, 2008-2009 Financial crises Government policy Ratingagentur (DE-588)4276573-0 gnd Finanzkrise (DE-588)7635855-0 gnd |
| topic_facet | Politik Rating agencies (Finance) Global Financial Crisis, 2008-2009 Financial crises Government policy Ratingagentur Finanzkrise |
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