Sie sind hier
E-Book

Do Rating Announcements convey new Information?

An Event Study an Credit Default Swap Spreads

AutorJan Klobucnik
Verlagdiplom.de
Erscheinungsjahr2010
Seitenanzahl57 Seiten
ISBN9783836649285
FormatPDF
Kopierschutzkein Kopierschutz/DRM
GerätePC/MAC/eReader/Tablet
Preis28,00 EUR
Inhaltsangabe:Introduction: Since the beginning of the last century, investors in capital markets have strongly relied on rating agencies’ assessments of credit quality to decide on investments. Due to their important role in debt markets, they are supposed to provide accurate ratings without delay. However, cases like the defaults of WorldCom or Enron have damaged their reputation. In particular, credit rating agencies have been heavily criticized for their role during the financial crisis of 2007-2009. Many economists blame the rating agencies for having played a major part in the securitization process of mortgage loans by providing too high rating grades; and thus sowing the seeds of the crisis. Having rated credit derivatives like collateralized debt obligations with best grades, the rating agencies encouraged banks and other financial institutions to keep these assets in their portfolios. As a result, it caused severe problems for the banking sector when these products heavily lost in value. Along with imprecise assessments of creditworthiness, the slow reaction of rating agencies has been critizised over the last few years. Therefore, the question of how well the agencies assess credit quality arises. This question is of great importance because of their dominant role on capital markets and the fact that decisions are made upon their ratings. To put it more precisely, this study asks whether the agencies process and convey new information to the market. On the other hand, it might be the case that market participants anticipate any change in the credit quality of a company before these institutions publish their assessments. Answering this question is of particular importance: if the rating announcements convey unknown information and the market reacts, then rating agencies are a systemic part of capital markets and policy should consider stricter regulation to prevent manipulation and failures like those described above. Conversely, if their announcements do not contain any new information – or to put it differently, if markets react faster – then we could think about using market based indicators instead in order to assess credit risk. In this case, the economic task of signaling creditworthiness could be handed over, among others, to Credit Default Swaps (see Chapter 2), which is also suggested by Hart & Zingales. This thesis contributes to the field of rating agencies’ performance measurement. Evaluating their announcements with the [...]

Kaufen Sie hier:

Horizontale Tabs

Blick ins Buch

Weitere E-Books zum Thema: Finanzierung - Bankwirtschaft - Kapital

Rating

E-Book Rating
Chance für den Mittelstand nach Basel II. Konzepte zur Bonitätsbeurteilung, Schlüssel zur Finanzierung Format: PDF

Eine gute Bonitätsnote wird zum Dreh- und Angelpunkt der Konditionen. Nur wer die Regeln kennt, nach denen Ratings erteilt werden, kann sich die Prüfverfahren vorbereiten. Autor Dr.…

Weitere Zeitschriften

Card Forum International

Card Forum International

Card Forum International, Magazine for Card Technologies and Applications, is a leading source for information in the field of card-based payment systems, related technologies, and required reading ...

Das Grundeigentum

Das Grundeigentum

Das Grundeigentum - Zeitschrift für die gesamte Grundstücks-, Haus- und Wohnungswirtschaft. Für jeden, der sich gründlich und aktuell informieren will. Zu allen Fragen rund um die Immobilie. Mit ...

Deutsche Tennis Zeitung

Deutsche Tennis Zeitung

Die DTZ – Deutsche Tennis Zeitung bietet Informationen aus allen Bereichen der deutschen Tennisszene –sie präsentiert sportliche Highlights, analysiert Entwicklungen und erläutert ...

DSD Der Sicherheitsdienst

DSD Der Sicherheitsdienst

Der "DSD – Der Sicherheitsdienst" ist das Magazin der Sicherheitswirtschaft. Es erscheint viermal jährlich und mit einer Auflage von 11.000 Exemplaren. Der DSD informiert über aktuelle Themen ...

e-commerce magazin

e-commerce magazin

e-commerce magazin Die Redaktion des e-commerce magazin versteht sich als Mittler zwischen Anbietern und Markt und berichtet unabhängig, kompetent und kritisch über ...

Euro am Sonntag

Euro am Sonntag

Deutschlands aktuelleste Finanz-Wochenzeitung Jede Woche neu bietet €uro am Sonntag Antworten auf die wichtigsten Fragen zu den Themen Geldanlage und Vermögensaufbau. Auch komplexe Sachverhalte ...