The Credit Rating Crisis

By Efraim Benmelech, Jennifer Dlugosz. NBER macroeconomics annual, 2009

295 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/35ad57af841574d92a108dbaaeee2b5f2ff9845d

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

In Finance

Citations in the corpus

The subprime credit crisis and contagion in financial markets (2010, background): “For example, see the discussion in Benmelech and Dlugosz (2009). When the rating agencies began to backtrack from their previous optimistic ratings in mid-2007 and the liquidity in secondary CDO markets dried up, many investors were left with what Clarida (2007) describes as almost-Knightian uncerta”
Does Monetary Policy Affect Bank Risk-Taking? (2010, unknown): “This, for example, seems to have been the case for the rating of securitized products during the recent credit crisis (Benmelech and Dlugosz, 2009).”
Debt Maturity Structure and Credit Quality (2014, background): “Diamond (1991) argues that if there are constraints on pledging future rents to lenders, then short-term debt exposes the firm to the risk that if bad news arrives, the lender may refuse to roll over the loan, forcing the firm into inefficient liquidation even when it is solvent in the long run.”
Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings (2013, unknown): “In addition, for comparisons across rating agencies and for comparability with Benmelech and Dlugosz (2009b), we adopt their framework for Table 4.”
The Credit Ratings Game (2012, unknown): “As Fender and Mitchell (2005), Gorton (2008), Ashcraft, Goldsmith-Pinkham, and Vickery, (2009) and Benmelech and Dlugosz (2009, 2010) among others have highlighted, issuers of structured …nance products could design the default risk of an asset-backed security both by manipulating the risk…”
Did Fair-Value Accounting Contribute to the Financial Crisis? (2010, background): “Third, when markets become inactive and transaction prices are no longer available, banks are not forced to use dealer quotes that are distorted by illiquidity.”