The Credit Rating Industry: An Industrial Organization Analysis

By Lawrence J. White. 2001

217 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/db449f7581be18c7cd5e981d476bd8e3d666b9d4

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Citations in the corpus

Green Bond Finance and Certification (2017, background): “As for the green assessments of the major rating agencies, even if they were to be as expensive as a normal credit rating (3–5 basis points of the issue volume (White (2002))), the costs would be far less than 18 basis points.”
The Credit Ratings Game (2012, unknown): “…SEC did not admit new …rms until recently.7 Since Congress, local governments, and regulatory agencies adopted this designation, this has according to White (2002) resulted in an “absolute 3The SEC found that in a sample of subprime RMBS deals, 12 arrangers represented 80% of the business in both…”
The 2007 Meltdown in Structured Securitization: Searching for Lessons not Scapegoats (2008, background): “…between the attention paid to rules and incentives is well illustrated by the 2004 Basel II agreement which devotes 16 pages to issues of market discipline and 225 pages to spelling out formulas and strategies imbedded in pillar one and options for national discretion authorized in pillar two.”
Counting the investor vote: political business cycle effects on sovereign bond spreads in developing countries (2005, background): “The value of maintaining an investment grade sovereign rating is discussed in White (2001) .”
Do Rating Agencies Cater? Evidence from Rating-Based Contracts (2015, unknown): “rating agencies offer related consulting services, such as pre-rating assessments (White 2002; Bolton et al. 2012).”
Understanding the Securitization of Subprime Mortgage Credit (2008, unknown): “All three main rating agencies at the time – Moody’s, S&P and Fitch – received this designation (White, 2002).”
Cartographies of Race and Class: Mapping the Class‐Monopoly Rents of American Subprime Mortgage Capital (2009, background): “This expanded screening capacity arrived in the 1990s, with a revolution in consumer credit reporting and surveillance systems (Saunders and Allen, 2002; White, 2002; Miller, 2003).”
The green advantage: Exploring the convenience of issuing green bonds (2019, unknown): “Moreover, even if the Green assessment were as expensive as normal credit ratings, it would cost up to 3-5 basis points (White 2002), which is still far lower than the Green premium that we estimate.”
How Did Increased Competition Affect Credit Ratings (2011, unknown): “As pointed out by White (2002), the change from user-paid to issuer-paid ratings as the dominant model ‘‘in the early 1970s coincides with the spread of low-cost photo-copying’’ (p.”
Credit Ratings as Coordination Mechanisms (2006, unknown): “Others have argued that the NRSRO classification acts as a barrier to entry in the rating industry [see White (2002) and SEC (2003)].”