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Influence des agences de notation sur les banques: les apports de la théorie néo-institutionnelle

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  • Nadège DONGMO-KENGFACK

Abstract

Many studies explored the impact of the rating on rated companies, mainly through a reduction of the information asymmetry between business leaders and investors. New-institutionalism theory provides relevant and original insight into the role played by the rating agencies in the banking sector. By combining this analytical framework to the bank rating methodology implemented by leading international rating agencies and to the decisions of the Basel Committee, this research analyses the process of institutionalization of credit rating in banking sector. It highlights an influence of credit rating in this sector as well as the factors that promote this influence despite criticisms about rating agencies: 22 pages

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  • Nadège DONGMO-KENGFACK, 2012. "Influence des agences de notation sur les banques: les apports de la théorie néo-institutionnelle," Cahiers du CEREFIGE 1201, CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine, revised 2012.
    • Handle: RePEc:fie:wpaper:1201
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    References listed on IDEAS

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    1. Holthausen, Robert W. & Leftwich, Richard W., 1986. "The effect of bond rating changes on common stock prices," Journal of Financial Economics, Elsevier, vol. 17(1), pages 57-89, September.
    2. Ilia D. Dichev & Joseph D. Piotroski, 2001. "The Long‐Run Stock Returns Following Bond Ratings Changes," Journal of Finance, American Finance Association, vol. 56(1), pages 173-203, February.
    3. Pinches, George E & Singleton, J Clay, 1978. "The Adjustment of Stock Prices to Bond Rating Changes," Journal of Finance, American Finance Association, vol. 33(1), pages 29-44, March.
    4. Richard Cantor & Kevin Cole & Frank Packer, 1997. "Split ratings and the pricing of credit risk," Research Paper 9711, Federal Reserve Bank of New York.
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    Keywords

    rating agencies; bank regulation; banks; new institutionalism; governance.;
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