Rating Agencies in the Face of Regulation
By Christian C. Opp, Marcus M. Opp, Milton Harris. 2013
408 citations recorded by the source corpus.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/30514a9ab32c89a1f08b528b202a9340943b86c3
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In Economics and Econometrics
- Liyan Yang
- Itay Goldstein
- P. Fulghieri
- Pepa Kraft
- Ramin P. Baghai
- Jordan Nickerson
- Henri Servaes
- John M. Griffin
In Finance
- Liyan Yang
- Itay Goldstein
- Pepa Kraft
- P. Fulghieri
- Ramin P. Baghai
- Jordan Nickerson
- Henri Servaes
- John M. Griffin
Citations in the corpus
- Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing (2013, background): “Opp, Opp, and Harris (2013) demonstrate that differences in regulatory reliance on ratings across various instruments and differences in the complexity of instruments can explain why there was rating inflation in structured products, but not in corporate ratings.”
- Good disclosure, bad disclosure (2019, positive): “, Skreta and Veldkamp, 2009; Opp et al., 2013 ). As Skreta and Veldkamp (2009) recognize, in theory, one obvious policy recommendation is to improve the accuracy of credit ratings by mandating disclosure of all shadow ratings.”
- Do Rating Agencies Cater? Evidence from Rating-Based Contracts (2015, positive): “Even if managers understand that investors see through inflated ratings, they might still demand these ratings to help bond investors comply with regulation (Bolton et al. 2012; Opp et al. 2013).”
- The Economics of Solicited and Unsolicited Credit Ratings (2014, background): “Opp, Opp, and Harris (2010) argue that ratings inflation may result from regulatory distortions when credit ratings are used for regulatory purposes such as bank capital requirements.”
- Managerial Ability and Credit Ratings (2017, neutral): “We interpret this as evidence of soft information production by credit rating analysts similar to that of other financial intermediaries studied by Petersen and Rajan (2002), Berger et al.”
- Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings (2013, positive): “5 The theoretical literature emphasizes that both rating shopping (Skreta and Veldkamp (2009)) and rating inflation (Opp, Opp, and Harris (2013) and Sangiorgi and Spatt (2013)) are more likely to occur in the CDO market due to its opacity and complexity.”
- Impact of the Dodd-Frank Act on Credit Ratings (2014, neutral): “…the adoption of the issuer-pays model in 1974 (Jiang, Stanford, and Xie, 2012).9 A number of papers find support for these claims (Skreta and Veldkamp, 2009; Griffin and Tang, 2011; Bolton, Freixas, and Shapiro, 2012; Strobl and Xia, 2012; He, Qian, and Strahan, 2012; Opp, Opp, and Harris, 2013).”