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Ökonomische Funktionen von Ratingagenturen: Ratingagenturen in der neoinstitutionalistischen Finanzierungstheorie

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  • Schaetzle, Dominik

Abstract

Ratingagenturen weisen eine lange Tradition auf. Ihre Einflussmöglichkeiten auf Finanzierungs- und Vermögensanlageentscheidungen sind stark ausgeprägt. Dies zeigt sich etwa aktuell im Zusammenhang mit der Verschuldungskrise mehrerer EU-Staaten. In noch frischer Erinnerung ist die Rolle der Ratginagenturen in der globalen Finanzmarktkrise. Nicht erst im Zusammenhang mit dieser erfolgte von zahlreichen Akteuren starke Kritik an ihren Aktivitäten. Dabei sind ihr Ursprung und ihre Funktion geprägt durch eine sehr wichtige Aufgabe, nämlich die Beseitigung von Informationsasymmetrien und damit eine Erhöhung der Wohlfahrt, die mit Finanztransaktionen verbunden ist. In diesem IfG-Arbeitspapier von Dominik Schätzle, das aus seiner IfGMasterarbeit hervorgegangen ist, wird die ökonomische Funktion der Ratingagenturen auf der Grundlage der neoinstitutionalistischen Finanzierungstheorie analysiert. Im Mittelpunkt stehen Fremdfinanzierungsbeziehungen. Es wird untersucht, inwiefern die Ratingagenturen zu einer Verringerung von Problemen in solchen Beziehungen beitragen können. Zusätzlich wird analysiert, welche Faktoren einer wirksamen Verringerung der Informationsasymmetrien zwischen Fremdkapitalgeber und -nehmer entgegenstehen können. Welche Mechanismen existieren, die disziplinierend auf die Aktivitäten der Ratingagenturen wirken und somit die Qualität der Ratings erhöhen können? Es handelt sich in Summe um Fragen, deren Beantwortung zu leisten ist bevor die regulatorischen Rahmenbedingungen für Ratingagenturen festgezurrt werden. Das Arbeitspapier entstammt dem IfG-Forschungscluster I: Institutionenökonomische Analysen.

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  • Schaetzle, Dominik, 2011. "Ökonomische Funktionen von Ratingagenturen: Ratingagenturen in der neoinstitutionalistischen Finanzierungstheorie," Arbeitspapiere 113, University of Münster, Institute for Cooperatives.
  • Handle: RePEc:zbw:wwuifg:113
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    References listed on IDEAS

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