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Autor
Chodnicka-Jaworska Patrycja (Uniwersytet Warszawski)
Tytuł
Konkurencyjność agencji ratingowych
Competition among Credit Rating Agencies
Źródło
Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu, 2017, t. 73 nr 2, s. 25-40, bibliogr. 28 poz.
The Poznan School of Banking Research Journal
Tytuł własny numeru
Innowacyjność i zmiana jako wyzwania dla współczesnych finansów
Słowa kluczowe
Agencje ratingowe, Rating, Konkurencja, Ryzyko rynkowe
Rating agency, Rating, Competition, Market risk
Uwagi
streszcz., summ.
Abstrakt
Celem artykułu jest analiza rynku agencji ratingowych, ich specyfiki działania oraz głównych trendów zachodzących na rynku europejskim. W tym celu dokonano przeglądu literaturowego przedmiotu. Omówiono wpływ zmian not ratingowych na funkcjonowanie rynku finansowego. Na podstawie danych pozyskanych z Komisji Europejskiej, dotyczących funkcjonowania rynku agencji ratingowych w latach 2009-2015, postawiono hipotezę: Wzrost konkurencji na rynku agencji ratingowych uwarunkowany jest zainteresowaniem emitentów nadawanymi notami ratingowymi. Hipotezę zweryfikowano, przeprowadzając analizę danych źródłowych oraz badanie porównawcze rynku europejskiego i rynku amerykańskiego.(abstrakt oryginalny)

The aim of the paper is to analyze the credit rating agencies (CRA) market, bringing out the unique characteristics of the agencies' activity, and to outline the major trends observable in the European market. The paper sets out from a literature review, to proceed to a discussion of the effects that changes in credit rating have on the financial market. Based on 2009-2015 data on the credit rating agencies market supplied by the European Commission, a hypothesis is put forth that increased competition in the CRA market is contingent on issuers' interest in credit ratings awarded by the agencies. The hypothesis is validated by examining a body of relevant source data and through a comparative study of the European and American markets.(original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Ahmed J.I., 2014, Competition in Lending and Credit Ratings, OFR Working Papers.
  2. Becker B., Milbourn T., 2011, How Did Increased Competition Affect Credit Ratings?, Journal of Financial Economics, No. 101(3): 493-514.
  3. Behn M., Haselmann R., Vig V., 2014, Limits of Model Based Regulation, Working Paper.
  4. Bolton P., Freixas X., Shapiro J., 2012, The Credit Ratings Game, Journal of Finance, No. 67(1): 85-111.
  5. Bongaerts D., Cremers K., Goetzmann W., 2012, Tiebreaker: Certification and Multiple Credit Ratings, Journal of Finance, No. 67(1): 113-152.
  6. Camanho N., Deb P., Liu Z., 2012, Credit Rating and Competition, Working Paper.
  7. Ellul A., Jotikasthira P., Lundblad C.T., 2011, Regulatory Pressure and Fire Sales in the Corporate Bond Market, Journal of Financial Economics, No. 101(3): 596-620.
  8. European Commission, 2016, Study on the State of the Credit Rating Market Final Report, MARKT/ 2014/257/F4/ST/OP.
  9. Flynn S., Ghent A., 2014, When Low Standards are a Winning Strategy: How Credit Rating Agencies Compete, Working Papers.
  10. Gomes P., 2015, Do Credit Rating Agencies Piggyback? Evidence from Sovereign Debt Ratings, Working Papers.
  11. Griffin J.M., Tang D.Y., 2012, Did Subjectivity Play a Role in CDO Credit Ratings?, The Journal of Finance, No. 67(4): 1293-1328.
  12. Hau H., Langfield S., Marques-Ibanez D., 2013, Bank Ratings: What Determines Their Quality?, Economic Policy, No. 28(74): 289-333.
  13. He J.J., Qian J.Q., Strahan P.E., 2012, Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-Backed Securities, The Journal of Finance, No. 67(6): 2097-2137.
  14. Kisgen D.J., Strahan P.E., 2010, Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?, Review of Financial Studies, No. 23(12): 4324-4347.
  15. Kraft P., 2015, Do Rating Agencies Cater? Evidence from Rating-Based Contracts, Journal of Accounting and Economics, No. 59(2): 264-283.
  16. Malik K., 2014, Is Competition the Right Answer? A Case of Credit Rating Agencies, The Public Sphere.
  17. Opp C.C., Opp M.M., Harris M., 2013, Rating Agencies in the Face of Regulation, Journal of Financial Economics, No. 108(1): 46-61.
  18. Pagano M., Volpin P., 2010, Credit Ratings Failures and Policy Options, Economic Policy, No. 25(62): 401-431.
  19. Rhee R.J., 2014, On Duopoly and Compensation Games in the Credit Rating Industry, Northwestern University Law Review, No. 108(85): 85-138.
  20. Sangiorgi F., Sokobin J., Spatt C., 2009, Credit-Rating Shopping, Selection and the Equilibrium Structure of Ratings, Working paper.
  21. Schultz-Larsen T., Kyed J.H, 2012, The Market for Credit Ratings: Competition and Misalignment of Interests, Working Papers.
  22. Skreta V., Veldkamp L., 2009, Ratings Shopping and Asset Complexity: A theory of ratings inflation, Journal of Monetary Economics, No. 56(5): 678-695.
  23. U.S. Securities and Exchange Commission, 2010, Annual Report on Nationally Recognized Statistical Rating Organizations As Required by Section 6 of the Credit Rating Agency Reform Act of 2006.
  24. U.S. Securities and Exchange Commission, 2011, Annual Report on Nationally Recognized Statistical Rating Organizations As Required by Section 6 of the Credit Rating Agency Reform Act of 2006.
  25. U.S. Securities and Exchange Commission, 2012, Annual Report on Nationally Recognized Statistical Rating Organizations As Required by Section 6 of the Credit Rating Agency Reform Act of 2006.
  26. U.S. Securities and Exchange Commission, 2013, Annual Report on Nationally Recognized Statistical Rating Organizations As Required by Section 6 of the Credit Rating Agency Reform Act of 2006.
  27. U.S. Securities and Exchange Commission, 2014, Annual Report on Nationally Recognized Statistical Rating Organizations As Required by Section 6 of the Credit Rating Agency Reform Act of 2006.
  28. U.S. Securities and Exchange Commission, 2015, Annual Report on Nationally Recognized Statistical Rating Organizations As Required by Section 6 of the Credit Rating Agency Reform Act of 2006.
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ISSN
1426-9724
Język
pol
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