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Credit Rating Agencies: An Analysis Through the Lenses of Industrial Organization, Finance and Regulation

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  • Lawrence J. White

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  • Lawrence J. White, 2016. "Credit Rating Agencies: An Analysis Through the Lenses of Industrial Organization, Finance and Regulation," Pacific Economic Review, Wiley Blackwell, vol. 21(2), pages 202-226, May.
    • Handle: RePEc:bla:pacecr:v:21:y:2016:i:2:p:202-226
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    File URL: http://hdl.handle.net/10.1111/1468-0106.12164
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    References listed on IDEAS

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    1. Mathis, Jérôme & McAndrews, James & Rochet, Jean-Charles, 2009. "Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?," Journal of Monetary Economics, Elsevier, vol. 56(5), pages 657-674, July.
    2. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2012. "The Credit Ratings Game," Journal of Finance, American Finance Association, vol. 67(1), pages 85-112, February.
    3. Calomiris Charles W, 2009. "A Recipe for Ratings Reform," The Economists' Voice, De Gruyter, vol. 6(11), pages 1-4, November.
    4. Lawrence J. White, 2011. "Preventing Bubbles: What Role for Financial Regulation?," Cato Journal, Cato Journal, Cato Institute, vol. 31(3), pages 603-619, Fall.
    5. Jess Cornaggia & Kimberly J. Cornaggia & Ryan D. Israelsen, 2018. "Credit Ratings and the Cost of Municipal Financing," The Review of Financial Studies, Society for Financial Studies, vol. 31(6), pages 2038-2079.
    6. Skreta, Vasiliki & Veldkamp, Laura, 2009. "Ratings shopping and asset complexity: A theory of ratings inflation," Journal of Monetary Economics, Elsevier, vol. 56(5), pages 678-695, July.
    7. Marc Rysman, 2009. "The Economics of Two-Sided Markets," Journal of Economic Perspectives, American Economic Association, vol. 23(3), pages 125-143, Summer.
    8. Johnston, Rick & Markov, Stanimir & Ramnath, Sundaresh, 2009. "Sell-side debt analysts," Journal of Accounting and Economics, Elsevier, vol. 47(1-2), pages 91-107, March.
    9. Lawrence J. White, 2013. "Credit Rating Agencies: An Overview," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 93-122, November.
    10. Lawrence J. White, 2010. "Markets: The Credit Rating Agencies," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 211-226, Spring.
    11. R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(1), pages 11-32.
    12. Sean Flynn & Andra Ghent, 2018. "Competition and Credit Ratings After the Fall," Management Science, INFORMS, vol. 64(4), pages 1672-1692, April.
    13. Lawrence J. White, 2006. "Focusing More on Outputs and on Markets: What Financial Regulation Can Learn from Progress in Other Policy Areas," NFI Policy Briefs 2006-PB-18, Indiana State University, Scott College of Business, Networks Financial Institute.
    14. Viral V. Acharya & Matthew Richardson & Stijn Van Nieuwerburgh & Lawrence J. White, 2011. "Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance," Economics Books, Princeton University Press, edition 1, number 9400.
    15. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-641, August.
    16. Garcia Alcubilla, Raquel & Ruiz del Pozo, Javier, 2012. "Credit Rating Agencies on the Watch List: Analysis of European Regulation," OUP Catalogue, Oxford University Press, number 9780199608867.
    17. Stéphane Rousseau, 2012. "A Question of Credibility: Enhancing the Accountability and Effectiveness of Credit Rating Agencies," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 356, July.
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    Cited by:

    1. Andra C. Ghent & Kristian R. Miltersen & Walter N. Torous, 2020. "Second Mortgages: Valuation and Implications for the Performance of Structured Financial Products," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(4), pages 1234-1273, December.
    2. Dimitar Rafailov, 2020. "Regulation of Credit Rating Agencies - Different Views and Solutions," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 9(2), pages 13-22, August.
    3. Hoppe-Wewetzer, Heidrun C. & Siemering, Christian, 2020. "Advertisement-Financed Credit Ratings," CEPR Discussion Papers 14735, C.E.P.R. Discussion Papers.
    4. Vu, Huong & Alsakka, Rasha & ap Gwilym, Owain, 2022. "Does competition improve sovereign credit rating quality?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    5. Heidrun Hoppe-Wewetzer & Christian Siemering, 2022. "Advertisement-financed credit ratings," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(1), pages 188-206, January.

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