Do Global Credit Rating Agencies Think Globally The做全球信用评级机构认为全球.pptVIP

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Do Global Credit Rating Agencies Think Globally The做全球信用评级机构认为全球.ppt

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The Credit Rating Agencies Between Crisis and Resurrection of International FinanceProblems and Perspectives by Giovanni Ferri Punziana Lacitignola (University of Bari – Italy) [Lezione 10 del corso di Economia delle scelte di portafoglio] Presentation largely drawn on Ferri-Lacitignola Le agenzie di rating tra crisi e rilancio della finanza globale, Bologna, Il Mulino, 2009. Key Questions in Presentation: Why are Credit Rating Agencies (CRAs) key to capital markets? Set up (industry structure regulation) of the Global CRAs (Moody’s; SP; Fitch;DBR) Main allegations of the literature on GCRAs: some are grounded in the evidence Are GCRAs enough for capital market development or do we need Regional CRAs? (Europe vs. Asia) How about GCRAs specializing in multinationals Regional CRAs in smaller-sized regional issuers? National CRAs the development of national financial markets CRAs responsibility and regulation matter Why are CRAs key to capital markets? Ratings are an essential lubricant for financial markets as they reduce information asymmetry that investors undergo vis-à-vis issuers; they determine the cost of borrowing Though perfectible (see below) ratings greatly enhance market information on issuers: unexpected rating changes affect level-volatility of bond-share price (Kliger Sarig 2000) and credit default swaps (Hull et al. 2004; Norden and Weber 2004); bond downgrades cause negative abnormal stock returns (Dichev Piotroski 2001, Ferri Lacitignola, 2007) Boot et al. (2004): in multiple equilibria states the rating is a coordinating mechanism, providing a “focal point” for firms and investors, thanks to the implicit contract relationship (monitor-renegotiate) but Carlson Hale (2004) reach opposite conclusions Set up of the Global CRAs – 1 Origin of the GCRAs Interaction with financial markets Regulatory evolution Industrial organization of GCRAs Some description of GCRAs’ ratings Origin of the GCRAs (Sylla, 2001) First rating in 1909 by John Moody: U