The Independence of Credit Rating Agencies: How Business Models and Regulators Interact

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Gianluca Mattarocci (Universita degli Studi di Roma ""Tor Vergata"")

The Independence of Credit Rating Agencies

How Business Models and Regulators Interact

Gianluca Mattarocci (Universita degli Studi di Roma ""Tor Vergata"")

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English

Academic Press Inc
11 November 2013

Credit & credit institutions

The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability.

Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies.

This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait.

By: Gianluca Mattarocci (Universita degli Studi di Roma ""Tor Vergata"")
Imprint: Academic Press Inc
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 15mm
Weight: 460g
ISBN: 9780124045699
ISBN 10: 0124045693
Pages: 200
Publication Date: 11 November 2013
Audience: College/higher education , Professional and scholarly , Further / Higher Education , Undergraduate
Format: Hardback
Publisher's Status: Active

Introduction 1. Rating agencies and the rating service 2. Rating and financial markets 3. The rating market 4. Economic and financial equilibrium of rating agencies 5. Rating agencies’ pricing policies 6. Organizational structure and rating agency independence 7. The economic independence of rating agencies

Winner of multiple research awards for his investigations in banking and finance, Gianluca Mattrrocci has published on subjects as diverse as real estate finance, bibliometrics, and hedge funds. His work on rating agencies derives from his investigations of the Italian banking industry and their portfolios.

Reviews for The Independence of Credit Rating Agencies: How Business Models and Regulators Interact

This book provides a detail exposition of credit rating agency industry with a global emphasis. The coverage of non-US credit agencies and their respective markets is excellent. --Kam C. Chan, Western Kentucky University Mattarocci's interesting monograph provides new insights into the workings of the ratings industry by exploring the agencies' business models, organisational structures and, most importantly, their independence. --Sandra Einig, Oxford Brookes University Rating agencies play an important role in modern finance. Mattarocci is the first to provide a comprehensive overview of the business model of rating agencies. This knowledge is crucial in understanding the recent financial crisis as well as the current regulatory regime. --Peter Posch, University of Ulm