Regulating rating agencies: A conservative behavioural change
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- JFS - Regulating Rating Agencies - 15-Nov-21
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We investigate whether the European regulatory reforms of the credit rating industry have been successful in improving the quality of financial institutions’ credit ratings. A shift to more conservative rating behaviour rather than rating quality improvement is identified, which is attributable to increased regulatory scrutiny. This change leads to a reduction in rating inflation and an increase in the number of unwarranted downgrades and false rating warnings in the post-regulatory period. A significant decrease (increase) in the informativeness of rating downgrades (upgrades) is evident. Our findings contrast with prior evidence for US corporates where reputational effects dominated.
Allweddeiriau
| Iaith wreiddiol | Saesneg |
|---|---|
| Rhif yr erthygl | 100999 |
| Cyfnodolyn | Journal of Financial Stability |
| Cyfrol | 60 |
| Dyddiad ar-lein cynnar | 18 Maw 2022 |
| Dynodwyr Gwrthrych Digidol (DOIs) | |
| Statws | Cyhoeddwyd - Meh 2022 |
Cyfanswm lawlrlwytho
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