haku: @all credit rating / yhteensä: 49
viite: 43 / 49
| Tekijä: | Kuhner, C. |
| Otsikko: | Financial rating agencies: are they credible? |
| Lehti: | Schmalenbach Business Review
2001 : JAN, VOL. 53:1, p. 2-26 |
| Asiasana: | AGENCIES FINANCE RISK |
| Kieli: | eng |
| Tiivistelmä: | The paper asks if credit rating agencies have incentives to misrepresent their clients' credit quality during an ongoing systemic crisis. Two important elements are essential for a systemic crisis: 1) Investors are not able to distinguish fundamentally healthy debtors from fundamentally unhealthy ones. 2) Investors tend to cumulatively withdraw their funds. Therefore, neither fundamentally healthy nor unhealthy debtors can be expected to survive a creditor's exit. |
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