Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 22 for “"Credit Rating Agencies"”.
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Credit rating agencies and conflicts of interest
Credit rating agencies are controversial yet influential financial gatekeepers. Many have attributed the recent failures of credit rating agencies to conflicts of interest, such as the agencies’ issuer-pays business model and the agencies’ provision of ancillary services. This report identifies …
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Credit rating agencies: regulatory changes and market participants’ reactions
The lack of regulatory oversight on Credit Rating Agencies (CRAs) has for a long time been viewed as an anomaly, particularly as CRAs were perceived to wield unfettered power, sanctioning the flow of funds between investors and borrowers in global securities markets. The regulatory void was in …
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The law and Regulation of Credit Rating Agencies in the US and EU
The need for regulation of the credit rating agencies (CRAs) arose due to their role in the subprime mortgage crisis. The CRAs awarded risky securities ‘3-A’ investment grade status and then failed to downgrade them quickly enough when circumstances changed which led to investors suffering …
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The civil liability of credit rating agencies in South African law: recent developments in comparative perspective
… defendants who fit squarely in this category are credit rating agencies. These financial actors are facing a global push by lawmakers to regulate their operations with, inter alia, the express aim of setting parameters for the liability ratings agencies should incur in the publication of ratings.
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The role of political business cycles (PBCs) and its influence on the credit rating action that countries receive: A BRICS perspective
… cycles (if present) have on the sovereign credit ratings that the BRICS countries receive from credit rating agencies. Credit rating agencies make use of a combination of political, social and economic factors to determine the ratings assigned to various countries. The credit ratings …
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Developing a methodology for the qualitative and quantitative credit analysis of banks in Kenya and Nigeria from a South African perspective
This study presents research on credit risk assessment in emerging market countries with particular emphasis on the Kenyan and Nigerian markets. Using prior emerging market research, information from credit rating agencies and information gained from a country visit, a revised methodology is …
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Analysis of CDO tranche valuation and the 2008 credit crisis
… approaches used by CDO traders and the watchdog credit rating agencies. We look at how the pricing models fared before and during the financial crisis. Comparing our model prices to market synthetic CDO prices, we investigate how well these pricing models captured the underlying financial risks …
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Split credit ratings and the prediction of bank ratings in the Basel II environment
This thesis investigates two aspects of credit risk measurement in the context of Basel 11: The International Convergence of Capital Measurement and Capital Standards. The first is the problem arising when two credit rating agencies disagree over the rating assigned to an issuer and a split rating …
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The impact of sovereign credit rating changes on financial market returns in Africa
… countries, the extent to which sovereign credit rating announcements bridge the information gap between investors and issuers of securities is debatable. Thus, this thesis investigates the effects of the information provided by credit rating agencies on financial markets in 30 African …
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The Informational Value of Corporate Credit Ratings
This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to …
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Banking regulation and the Basel III Accord: an examination of the risks and shortcomings posed by Basel III
… posed by Basel III; specifically capital ratios, credit rating agencies and value-at-risk. These are based on the author’s initial research that indicated these to be the most problematic. The research also aims to provide recommendations in order to improve Basel III. Additionally, the research …
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A Thematic Analysis of Anticompetitive Behaviour in the Credit Rating Process of Structured Finance
The credit rating industry is characterised by the high concentration of a small number of firms and, allegedly, this concentration stems from certain anticompetitive behaviours made manifest by the dominant firms in the industry. Therefore, as has yet to be done in empirical research, the purpose …
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The impact of sovereign credit ratings on foreign exchange rate returns in Africa
This study investigates the impact of sovereign credit ratings on foreign exchange rate returns for a sample of 27 African countries over the period 2003–2018 to examine the response of the exchange rates around the time of sovereign rating announcements. The data consist of longterm foreign …
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Local debts, international authority : rating agencies' emergence in regulating subnational debt
… this debt. It focuses on the recent emergence of credit rating agencies (e.g. Standard & Poor's, Moody's and Fitch) as an alternative regulatory mechanism, which has the potential to stabilize these markets, improve risk pricing, and alter traditional conceptions of local governance. The first …
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The effect of exchange rate volatility on bond market development in emerging markets
… should also engage with reputable external credit rating agencies for foreign investors to have externally validated information on the sovereign's ability to meet its obligations and therefore increase the attractiveness of the local bond market to foreign investors.
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Financial crisis : through various perspectives
… the financial crisis. Lastly, the problem of credit rating agencies will be addressed, as this is one of the main causes of the financial crisis. The goal of this thesis is to analyze the financial crisis from various perspectives, and find an appropriate solution to prevent the next financial …
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IS A PENSION FUND'S MIX OF FAIR VALUE INVESTMENTS, AUDIT TYPE, AND AUDIT QUALITY ASSOCIATED WITH THE FIRM'S CREDIT RATING?
… uncertainty. Such valuation problems may concern credit reporting agencies because the sponsoring firm’s pension plan liability is uncertain. This problem is exacerbated through agency relationships within pension plans that enable executives and investment managers to engage in opportunistic …
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Essays in international finance
… The second chapter examines whether bank credit fuels asset prices, using evidence from the Japanese real estate boom during the 1980's. The decline in banks' loans to keiretsu firms is used as the shock to bank real estate credit. The evidence supports using keiretsu loans as an …
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The impact of a change in sovereign credit ratings on stock market volatility: A comparison of emerging and developed countries
Sovereign credit ratings affect a country’s financial well-being. The financial markets, at large, have become quite topical within the public space, as well as policy makers and academics. This area has been examined in detail, especially after the global financial crisis of 2008. Rating agencies …
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