Credit rating agencies and conflicts of interest

Repository

Credit rating agencies and conflicts of interest

Show simple record

dc.contributor.advisor Galbraith, James K.
dc.creator Crumley, Diana G.
dc.date.accessioned 2012-08-21T17:48:51Z
dc.date.available 2012-08-21T17:48:51Z
dc.date.created 2012-05
dc.date.issued 2012-08-21
dc.date.submitted May 2012
dc.identifier.uri http://hdl.handle.net/2152/ETD-UT-2012-05-5115
dc.description.abstract Credit rating agencies are controversial yet influential financial gatekeepers. Many have attributed the recent failures of credit rating agencies to conflicts of interest, such as the agencies’ issuer-pays business model and the agencies’ provision of ancillary services. This report identifies these conflicts; examines recently-finalized Security and Exchange Commission (SEC) regulations proscribing these conflicts; and suggests other possible regulatory measures. The strategies available to regulators are diverse and differ widely in their political and administrative feasibility. These strategies include outright prohibition of conflicts; removing regulatory references to credit ratings; enhancing agency liability; organizational firewalls; performance disclosures; demonstrating due diligence and its results; increasing competition; staleness reforms; internal governance; administrative registration; and requiring alternative business models. While the report primarily focuses on how the most recent financial crisis—and the related market for asset-backed securities—highlighted conflicts of interest at credit rating agencies, this report also examines how credit ratings—and their limitations—affect sovereign debt markets.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.subject Credit rating agency
dc.subject NRSRO
dc.subject Conflict of interest
dc.subject SEC
dc.subject Issuer-pays model
dc.title Credit rating agencies and conflicts of interest
dc.date.updated 2012-08-21T17:48:57Z
dc.identifier.slug 2152/ETD-UT-2012-05-5115
dc.contributor.committeeMember McGarity, Thomas O.
dc.description.department Public Affairs
dc.description.department Law, School of
dc.type.genre thesis
dc.type.material text
thesis.degree.department Public Affairs
thesis.degree.department Law, School of
thesis.degree.discipline Public Affairs
thesis.degree.discipline Law - Jurisprudence
thesis.degree.grantor University of Texas at Austin
thesis.degree.level Masters
thesis.degree.level Doctoral
thesis.degree.name Master of Public Affairs
thesis.degree.name Doctor of Jurisprudence

Files in this work

Size: 1.097Mb
Format: application/pdf

This work appears in the following Collection(s)

Show simple record


Advanced Search

Browse

My Account

Statistics

Information