...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of financial economics >Feedback effects of credit ratings
【24h】

Feedback effects of credit ratings

机译：信用评级的反馈效应

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Rating agencies are often criticized for being biased in favor of borrowers, for being too slow to downgrade following credit quality deterioration, and for being oligopolists. Based on a model that takes into account the feedback effects of credit ratings, I show that: (i) rating agencies should focus not only on the accuracy of their ratings but also on the effects of their ratings on the probability of survival of the borrower; (ii) even when rating agencies pursue an accurate rating policy, multi-notch downgrades or immediate default may occur in response to small shocks to fundamentals; (iii) increased competition between rating agencies can lead to rating downgrades, increasing default frequency and reducing welfare.
机译：评级机构经常因偏向借款人而受到批评，由于信贷质量恶化而太慢而不能降级，并且是寡头。基于考虑信用评级的反馈效应的模型，我表明：（i）评级机构不仅应关注其评级的准确性，还应关注其评级对借款人生存概率的影响; （ii）即使评级机构奉行准确的评级政策，也可能因对基本面的小冲击而出现多级降级或立即违约； （iii）评级机构之间的竞争加剧会导致评级下调，增加违约频率并降低福利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号