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dc.contributor.advisorGalbraith, James K.en
dc.creatorCrumley, Diana G.en
dc.date.accessioned2012-08-21T17:48:51Zen
dc.date.available2012-08-21T17:48:51Zen
dc.date.issued2012-05en
dc.date.submittedMay 2012en
dc.identifier.urihttp://hdl.handle.net/2152/ETD-UT-2012-05-5115en
dc.descriptiontexten
dc.description.abstractCredit 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.en
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.subjectCredit rating agencyen
dc.subjectNRSROen
dc.subjectConflict of interesten
dc.subjectSECen
dc.subjectIssuer-pays modelen
dc.titleCredit rating agencies and conflicts of interesten
dc.date.updated2012-08-21T17:48:57Zen
dc.identifier.slug2152/ETD-UT-2012-05-5115en
dc.contributor.committeeMemberMcGarity, Thomas O.en
dc.description.departmentPublic Affairsen
dc.description.departmentLaw, School ofen
dc.type.genrethesisen
thesis.degree.departmentLaw, School ofen
thesis.degree.departmentPublic Affairsen
thesis.degree.disciplineLaw - Jurisprudenceen
thesis.degree.disciplinePublic Affairsen
thesis.degree.grantorUniversity of Texas at Austinen
thesis.degree.levelMastersen
thesis.degree.levelDoctoralen
thesis.degree.nameDoctor of Jurisprudenceen
thesis.degree.nameMaster of Public Affairsen


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