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 72 for “"Credit rating"”.
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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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Effects of credit rating change on risk-taking
… behavior following an upgrade or downgrade in credit ratings. Research on effects of rating changes on capital markets is well-documented but the literature on how rating changes may affect firm behavior is sparse. Following, a downgrade in credit rating, managers may increase risk-taking to …
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Contagion of a Crisis, Corporate Governance, and Credit Rating
… contagion of a crisis, corporate governance, and credit rating. It contains four chapters. Through examining the contagion of a crisis, Chapter 1 presents a model in which the contagion of a liquidity crisis between two non-financial institutions occurs due to the learning within a common creditor …
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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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Credit Rating and Assignment of Naics Codes Using Lsi Method
The objective here is first, to improve automatic assignment of industry codes using LSI (lexical processing) by increasing the algorithm efficiency (both computationally and in term of input requirements), then quantify the lender's risk as "distance to default" (higher distance to default …
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Municipal Bond Credit Rating Access and Retail Investors’ Transaction Costs
… a rule change requiring the display of current credit ratings on the EMMA website, a centralized repository of municipal bond information. Prior to the rule change, current credit ratings were freely available on individual rating agencies’ websites or on EMMA if municipalities provided relevant …
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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 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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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 credit rating watchlist and effect of underwriter reputation on IPO underpricing
… first sets up a theoretical model to describe a credit rating agency's (CRA) two roles, namely rating and monitoring. Through CRA's monitoring role, bonds no longer represent loan contracts without monitoring. In the model, bond issuers have to decide whether to go through CRA or borrow directly, …
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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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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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Analysis and assessment of credit rating model in P2P lending : an instrument to solve information asymmetry between lenders and borrowers
… the market share of traditional consumer credit. In 2014, Lending Club and Prosper originated over 7 billion personal loans. As one of the biggest traditional banks in the U.S., Citi issued 25.2 billion USD in 2014. Given the advantages of P2P lending over traditional banks, the market for …
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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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The effect of credit rating announcements on covered bond returns : evidence from covered bonds issued by the three largest banks in Iceland
… purpose of this thesis is to examine how issuer credit rating announcements affect returns of covered bonds issued by the three largest banks in Iceland. The matching portfolio model is used to determine abnormal returns, which are calculated as the difference between daily covered bond returns …
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Three Essays on The Cost of Debt Capital
… affects the cost of public bond debt and how credit rating adjustments influence the cost of debt and leverage of industry rivals. </p> <p>Chapter 1 explores how competitive threats affect the yield spread of corporate bonds. I find that firms that face high levels of competition also face …
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Does the Permanently Reinvested Earnings Assertion Influence Perceptions of Credit Risk?
… disclosure quality in financial statements and credit risk. The purpose of this study is to examine the relations among foreign reinvestment strategy, PRE disclosure, and long-term credit ratings. First, I examine the direct effect of a firm's reinvestment strategy on its long-term credit …
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Risk measurement and management of insurance companies
… and cost of capital are connected with the credit rating assigned by credit agencies to insurance companies. The credit risk that insurance companies face is explained by the use of financial ratios that explicitly explain the particular credit rating. The credit rating is implicitly …
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