Show simple item record

dc.creatorCrumley, Diana G.
dc.date.accessioned2012-08-21T17:48:51Z
dc.date.available2012-08-21T17:48:51Z
dc.date.created2012-05
dc.date.issued2012-08-21
dc.date.submittedMay 2012
dc.identifier.urihttp://hdl.handle.net/2152/ETD-UT-2012-05-5115
dc.descriptiontext
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.
dc.format.mimetypeapplication/pdf
dc.language.isoeng
dc.subjectCredit rating agency
dc.subjectNRSRO
dc.subjectConflict of interest
dc.subjectSEC
dc.subjectIssuer-pays model
dc.titleCredit rating agencies and conflicts of interest
dc.date.updated2012-08-21T17:48:57Z
dc.identifier.slug2152/ETD-UT-2012-05-5115
dc.description.departmentPublic Affairs
dc.description.departmentLaw, School of
dc.type.genrethesis*
thesis.degree.departmentLaw, School of
thesis.degree.departmentPublic Affairs
thesis.degree.disciplineLaw - Jurisprudence
thesis.degree.disciplinePublic Affairs
thesis.degree.grantorUniversity of Texas at Austin
thesis.degree.levelMasters
thesis.degree.levelDoctoral
thesis.degree.nameDoctor of Jurisprudence
thesis.degree.nameMaster of Public Affairs


Files in this item

Icon

This item appears in the following Collection(s)

Show simple item record