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The Real Effects of Credit Ratings: The Sovereign Ceiling Channel
We show that sovereign debt impairments can have a significant effect on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign rating downgrade. We identify these effects by exploiting exogenous variation in corporate ratings due to rating agencies' sovereign ceiling policies, which require that firms' ratings remain at or below the sovereign rating of their country of domicile.
Journal Article
Assessment
The 'Essential Guides for Early Career Teachers' provide accessible, carefully researched, quick-reads for early career teachers, covering the key topics they will encounter during their training year and first two years of teaching. This title on assessment provides a range of practical but critically engaged strategies and approaches to assessment. It offers a brief history of the core ideas and educational philosophy underpinning these, looks at links to planning and reflection, examines the concept of progress over time as a mirror for quality teaching and learning, and explores the idea of pupil self-assessment.
Book
Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing
Rating agencies have become more conservative in assigning corporate credit ratings over the period 1985 to 2009; holding firm characteristics constant, average ratings have dropped by three notches. This change does not appear to be fully warranted because defaults have declined over this period. Firms affected more by conservatism issue less debt, have lower leverage, hold more cash, are less likely to obtain a debt rating, and experience lower growth. Their debt spreads are lower than those of unaffected firms with the same rating, which implies that the market partly undoes the impact of conservatism on debt prices. This evidence suggests that firms and capital markets do not perceive the increase in conservatism to be fully warranted.
Journal Article
The Credit Ratings Game
The collapse of AAA-rated structured finance products in 2007 to 2008 has brought renewed attention to conflicts of interest in credit rating agencies (CRAs). We model competition among CRAs with three sources of conflicts: (1) CRAs conflict of understating risk to attract business, (2) issuers' ability to purchase only the most favorable ratings, and (3) the trusting nature of some investor clienteles. These conflicts create two distortions. First, competition can reduce efficiency, as it facilitates ratings shopping. Second, ratings are more likely to be inflated during booms and when investors are more trusting. We also discuss efficiency-enhancing regulatory interventions.
Journal Article
Do Rating Agencies Benefit from Providing Higher Ratings? Evidence from the Consequences of Municipal Bond Ratings Recalibration
We ask whether credit rating agencies receive higher fees and gain greater market share when they provide more favorable ratings. To investigate this question, we use the 2010 rating scale recalibration by Moody's and Fitch, which increased ratings absent any underlying change in issuer credit quality. Consistent with prior research, we find that the recalibration allowed the clients of Moody's and Fitch to receive better ratings and lower yields. We add to this evidence by showing that the recalibration also led to larger fees and to increases in the market shares of Moody's and Fitch. These results are consistent with critics' concerns about the effects of the issuer-pay model on the credit ratings market.
Journal Article
Top 10 towers of power in basketball
Standing as tall as 7 2 , these legends of the basketball court dominated the floor during their careers. Ready for a backboard-shattering Shaq attack? Or how about a slam dunk from power forward Kevin Garnett? Written by veteran sports author David Aretha, this book engages readers with facts and stories about the towering legends of the NBA. Plenty of full-page photos and stats, including details for each player s top NBA year and their experiences on high school and college teams, make this an exciting and entertaining read. Bibliography, Biographies, Detailed Table of Contents, Full-Color Photographs, Glossary, Index, Websites.
Book
Markets: The Credit Rating Agencies
This paper will explore how the financial regulatory structure propelled three credit rating agencies—Moody's, Standard & Poor's (S&P), and Fitch—to the center of the U.S. bond markets—and thereby virtually guaranteed that when these rating agencies did make mistakes, these mistakes would have serious consequences for the financial sector. We begin by looking at some relevant history of the industry, including the series of events that led financial regulators to outsource their judgments to the credit rating agencies (by requiring financial institutions to use the specific bond creditworthiness information that was provided by the major rating agencies) and when the credit rating agencies shifted their business model from “investor pays” to “issuer pays.” We then look at how the credit rating industry evolved and how its interaction with regulatory authorities served as a barrier to entry. We then show how these ingredients combined to contribute to the subprime mortgage debacle and associated financial crisis. Finally, we consider two possible routes for public policy with respect to the credit rating industry: One route would tighten the regulation of the rating agencies, while the other route would reduce the required centrality of the rating agencies and thereby open up the bond information process in way that has not been possible since the 1930s.
Journal Article