Download or read book Credit Rating Agencies in India written by Bheemanagouda and published by . This book was released on 2011 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit Rating Agencies written by Giulia Mennillo and published by . This book was released on 2021-01-31 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short book introduces and explores the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated. Giulia Mennillo shows, as constitutive actors of global financial capitalism, CRAs have a social and political relevance that reaches well beyond finance.
Download or read book Creditability of Credit Rating Agencies written by Abhisar Singh and published by . This book was released on 2013 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating is an "opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories” and Credit rating agency is “a legal person whose occupation includes the issuing of credit ratings on a professional basis.”In this paper the author analyses the functioning of credit rating agencies in India, obligations upon a credit rating agency, creditability of credit rating agencies and in the end author concludes the article.
Download or read book Credit Rating Agencies in India written by Tarun Jain and published by . This book was released on 2008 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit Rating Agencies (CRAs) influence investor behavior and regulate issuers' access to financial markets and thus, they act as markets' gatekeepers. Further, given the statutory requirements for rating of securities before trading can commence thereon, CRAs occupy an intriguing inter-twined position of quasi-public regulators charged with the implementation of good governance norms and informational intermediaries seeking to protect the investors by purging the markets of information asymmetry. However, the conflict of interest issues add complexity to this scenario and the role of CRAs, after their complicity in the sub-prime mortgage crisis, is being debated internationally.In this paper we examine the role and positioning of the CRAs in the capital markets of India, with a critical eye to SEBI (Credit Rating Agencies) Regulations, 1999, the regulatory framework governing the CRAs. We ferret out the shortfalls that the existing framework carries and taking cues from the US Nationally Recognized Statistical Rating Organizations (NRSROs) model and also the standards proposed by International Organization for Securities Commissions (IOSCO), present a case for reform of the existing framework for CRA regulation in India. The chapterization is as follows:(I) Introduction (II) Credit Ratings and Credit Rating Agencies: Pivotal for Good Governance?(III) Rating Agency Failures: Imprimatur for Regulatory Oversight?(IV) Regulating Credit Rating Agencies: Lessons from Abroad(V) Regulatory Framework for Credit Rating Agencies in India(VI) The Road to Reform in India(VII) Conclusion.
Download or read book Regulating Credit Rating Agencies written by Aline Darbellay, and published by Edward Elgar Publishing. This book was released on 2013-09-30 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: øŠAline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formul
Download or read book Credit Rating Agencies in India written by Kuljeet Kaur and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book talks about the four major Credit Rating Agencies in India including CRISIL, ICRA, CARE and FITCH. It gives a detailed information regarding operations undertaken by these rating agencies. The regulatory environment affecting the credit rating activities in India has been discussed in the book. The methodology adopted by Credit Rating Agencies while rating and variability in rating over the period has also been analysed in the book. The book evaluates the post rating performance of various companies rated by the given rating agencies. In addition the perceptions of investors regarding credit rating practices in India has also been covered in the book.
Download or read book Credit Rating in India written by Mamta Arora and published by . This book was released on 2003-01-01 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating system started in India in 1987 when the first credit rating agency was established in the country, namely The Credit Rating Information Services of India Limited (CRISIL). In tandem with the progress of economic liberalisation since 1991, the credit rating industry has also spread its wings and is now an integral part of the Indian financial system. Although a relatively new concept, credit rating has caught the fancy of financial analysts who are ever eager to develop new methods to rate corporate debt, keeping in mind the domestic business environment and the psychology of the Indian investor. This book is unique because it not only examines the existing practices of credit rating in India but also evaluates the performance of the Indian credit rating agencies themselves.
Download or read book The Rating Agencies and Their Credit Ratings written by Herwig Langohr and published by John Wiley & Sons. This book was released on 2010-04-01 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off between risk and return. However, they have also been strongly criticised for failing to spot the Asian crisis in the early 1990s, the Enron, WorldCom and Parmalat collapses in the early 2000s and finally for their ratings of subprime-related structured finance instruments and their role in the current financial crisis. This book is a guide to ratings, the ratings industry and the mechanics and economics of obtaining a rating. It sheds light on the role that the agencies play in the international financial markets. It avoids the sensationalist approach often associated with studies of rating scandals and the financial crisis, and instead provides an objective and critical analysis of the business of ratings. The book will be of practical use to any individual who has to deal with ratings and the ratings industry in their day-to-day job. Reviews "Rating agencies fulfil an important role in the capital markets, but given their power, they are frequently the object of criticism. Some of it is justified but most of it portrays a lack of understanding of their business. In their book The Rating Agencies and their Credit Ratings, Herwig and Patricia Langohr provide an excellent economic background to the role of rating agencies and also a thorough understanding of their business and the problems they face. I recommend this book to all those who have an interest in this somewhat arcane but extremely important area." -Robin Monro-Davies, Former CEO, Fitch Ratings. "At a time of unprecedented public and political scrutiny of the effectiveness and indeed the basic business model of the Credit Rating industry, and heightened concerns regarding the transparency and accountability of the leading agencies, this book provides a commendably comprehensive overview, and should provide invaluable assistance in the ongoing debate." -Rupert Atkinson, Managing Director, Head of Credit Advisory Group, Morgan Stanley and member of the SIFMA Rating Agency Task Force "The Langohrs have provided useful information in a field where one frequently finds only opinions or misconceptions. They supply a firm base from which to understand changes now underway. A well-read copy of this monograph should be close to the desk of every investor, issuer and financial regulator, legislator or commentator." -John Grout, Policy and Technical Director, The Association of Corporate Treasurers
Download or read book Study of Competition Among Credit Rating Agencies in India written by Charumathi Balakrishnan and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has a very advanced G-sec market, but its corporate bond market is relatively under developed. Size of the corporate debt market is infinitesimal compared to the world debt market. There are seven registered credit rating agencies (CRAs) in India which rate debt securities out of which three rating agencies i.e. CRISIL, CARE and ICRA hold 80% of the market share. Debt market in India has increased over years. Number of rating and grading services offered by the rating agencies have also expanded considerably. This will eventually lead to more competition among rating agencies in India. It would be beneficial to measure competition among rating agencies and market concentration. This paper measures competition and market concentration using Herfindahl-Hirschman Index (HHI) and HHI inverse. It is a quantitative measure of industry concentration that accounts for both the number of firms in the industry and each firm's market share. This measure takes into rating revenues of credit rating agencies and number of outstanding securities in each category. This study used secondary data and the required data are taken from the regulatory disclosures made by the CRAs. The period of the study include five years from 2011-12 to 2015-16. Based on rating revenue, this study found that market is highly concentrated and the majority of the market share is held by three CRAs namely CRISIL, CARE and ICRA. Based on number of outstanding securities in each category of securities, it is found that market is a) highly concentrated in government securities and financial institutions; and b) moderately concentrated in corporate securities and structured obligations. It is also found that the market concentration has been increasing/decreasing over the years for categories such as corporate/FIs/SO/Govt. It is believed that a lack of competition, in part the result of regulatory barriers, along with mandated usage by many financial market participants has resulted in a dysfunctional credit ratings industry in India.
Download or read book The Independence of Credit Rating Agencies written by Gianluca Mattarocci and published by Academic Press. This book was released on 2013-10-22 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability. Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies. This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait. Reports on one of the key causes of the 2008 financial crisis: agencies that failed to understand how to analyze financial products Describes inherent business model and pricing conflicts that compromise the independence of credit rating agencies Reveals how rating agencies large and small, regulatory bodies, and vested interests interact in setting fees and policies
Download or read book Financial Services In India written by G. Ramesh Babu and published by Concept Publishing Company. This book was released on 2005 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Indian Financial System Markets Institutions and Services written by Bharati V. Pathak and published by Pearson Education India. This book was released on 2010 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The role of credit rating agencies A blessing or a curse written by Muddassar Rasheed Malik and published by GRIN Verlag. This book was released on 2019-02-18 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Economics - Finance, , course: Bank Financial Management, language: English, abstract: This report is examining the role of credit rating agencies and in further details arguments in its favor and against its favor are examined. In the beginning the role of credit rating agencies is defined and later methodological approaches to this topic are discussed, and afterwards, an analysis of pros and cons of credit rating agencies is conducted. To the end recommendations and suggestions to credit rating agencies for better performances are listed. Generally, credit rating agencies are playing vital role in markets and they united dispersed information comprehensively. Through this approach it is easier for investors or issuers to understand the real position of different concerns before taking any final decisions, beside this fact it is also in observation that credit rating agencies have some flaws which need to be addressed, like favoritism and unsolicited credit rating issuance. It is recommended to have transparency, scheduled active ratings and strict follow up with regulated authorities.
Download or read book Credit Rating Agencies written by Mohammed Hemraj and published by Springer. This book was released on 2015-06-22 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities ‘3-A’ investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the “Reform Act” and “Dodd-Frank Act” in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and regulators’ attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.
Download or read book History of the Railroads and Canals of the United States written by Henry Varnum Poor and published by . This book was released on 1860 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Services written by and published by Pearson Education India. This book was released on with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit Rating Governance written by Ahmed Naciri and published by Routledge. This book was released on 2015-01-30 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating agencies play an essential role in the modern financial system and are relied on by creditors and investors on the market. In the recent financial crisis, their power and reliability were often questioned, yet a simple rating downgrade could threaten to bankrupt a whole country. This book examines the governance of credit rating agencies, as expressed by their ability to fairly, ethically and consistently assign higher rates to issuers having lesser default risks. However, factors such as the drive for increased revenue and market share, the inadequate business model, the inadequate methodology of assessing risk, opacity and inadequate internal monitoring have all been identified as critical governance failures for credit agencies. This book explores these issues, and proposes some potential solutions and improvements. This will be of interest to researchers and advanced students of corporate finance, finance, financial economics, risk management, investment management, and banking.
