The Rating Agencies and Their Credit Ratings: What They Are, How They Work, and Why They are Relevant

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9780470018002: The Rating Agencies and Their Credit Ratings: What They Are, How They Work, and Why They are Relevant
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Credit rating agencies play a critical role in capital markets,guiding the asset allocation of institutional investors as privatecapital moves freely around the world in search of the besttrade-off between risk and return. However, they have also beenstrongly criticised for failing to spot the Asian crisis in theearly 1990s, the Enron, WorldCom and Parmalat collapses in theearly 2000s and finally for their ratings of subprime-relatedstructured finance instruments and their role in the currentfinancial crisis.


This book is a guide to ratings, the ratings industry and themechanics and economics of obtaining a rating. It sheds light onthe role that the agencies play in the international financialmarkets. It avoids the sensationalist approach often associatedwith studies of rating scandals and the financial crisis, andinstead provides an objective and critical analysis of the businessof ratings. The book will be of practical use to any individual whohas to deal with ratings and the ratings industry in theirday-to-day job.

Reviews

"Rating agencies fulfil an important role in the capitalmarkets, but given their power, they are frequently the object ofcriticism.  Some of it is justified but most of it portrays alack of understanding of their business.  In their book TheRating Agencies and their Credit Ratings, Herwig and PatriciaLangohr provide an excellent economic background to the role ofrating agencies and also a thorough understanding of their businessand the problems they face.  I recommend this book to allthose who have an interest in this somewhat arcane but extremelyimportant area."
-Robin Monro-Davies, Former CEO, Fitch Ratings.


"At a time of unprecedented public and political scrutiny of theeffectiveness and indeed the basic business model of the CreditRating industry, and heightened concerns regarding the transparencyand accountability of the leading agencies, this book provides acommendably comprehensive overview, and should provide invaluableassistance in the ongoing debate."
-Rupert Atkinson, Managing Director, Head of CreditAdvisory Group, Morgan Stanley and member of the SIFMA RatingAgency Task Force


"The Langohrs have provided useful information in a field whereone frequently finds only opinions or misconceptions. They supply afirm base from which to understand changes now underway. Awell-read copy of this monograph should be close to the desk ofevery investor, issuer and financial regulator, legislator orcommentator."
-John Grout, Policy and Technical Director, The Associationof Corporate Treasurers



 

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From the Back Cover:

Credit ratings have become a universal phenomenon throughout thecapital markets, relied upon by investors, issuers and regulatorsalike. Issuers understand the fundamental effect of their rating onfinancing costs, and investors make buying (and selling) decisionsbased heavily on these scores. Regulators have incorporated creditratings into everything from allowable investment alternatives forinstitutional investors to required capital for global bankingfirms.

Credit rating agencies and their output are vital in overcomingthe information asymmetries of the capital market. The RatingAgencies and their Credit Ratings is a comprehensiveexplanation of what they are, how they function and why they arerelevant, addressing a broad range of issues from the credit ratingprocess and the performance of credit ratings, to the evolution ofthe credit rating industry and its regulation.

The book is organised into three distinct sections. Part Aprovides an introduction to credit ratings and their broad anddiverse applications, and describes how an issuer obtains andmaintains a credit rating. Part B focuses on credit ratinganalysis, providing analysis of how rating actions and inactionsinteract with the market. Finally, Part C examines the creditrating industry, explaining where it comes from, what its maincharacteristics are, how the main players compete, and what resultsit produces for issuers, investors and shareholders.

Written by experienced Professors Herwig M. Langohr and PatriciaT. Langohr, this book provides a unique and exhaustive introductionto credit ratings, developing the reader’s understanding ofcredit ratings and the credit rating agencies that produce them. Itcombines breadth of perspective, substantiation of arguments anddepth in reflection, provided by the analysis of extensive fieldinterviews, academic research, rating agency data and regulatoryhearings and testimony.

From the Inside Flap:

Herwig Langohr was Professor of Finance and Banking atInsead, in Fontainebleau, France, which he joined in 1976,specialising in corporate finance, financial services and corporategovernance. He visited numerous academic institutions such as TheWharton School, The Darden School and the Universität Konstanz(Germany). He was holder of the Goldschmidt Chair in CorporateGovernance at the Solvay Business School (Brussels). ProfessorLangohr served on several boards of directors, in particular on theBoard of Directors and the Audit Committee of both the financialservices group KBC Group N.V. and KBC Insurance N.V. He was DeanMBA and member of the Executive Committee at INSEAD from 1993-1995.He was also a frequent director of Executive Programs and a regularadvisor in corporate finance and strategy in the banking sector. Hewas a contributor to academic journals such as The Journal ofMonetary Economics, The Journal of Financial Economicsand The Journal of Money, Credit and Banking; to numerousprofessional journals and newspapers and a regular publisher ofcase studies. He passed away at the age of 64 on May28th 2008.

Patricia Langohr is Professor of Economics at the EssecBusiness School, in Cergy, France, since 2005. Her researchspecializes in industrial organization, dynamic models ofcompetition and the financial services industry. She teachesmicroeconomics, industrial organization and business economics.Prior to that, she was a researcher at the Price and Index NumberResearch division of the Bureau of Labor Statistics in WashingtonD.C. Professor Langohr obtained her PhD in Managerial Economics andStrategy from the Kellogg School of Management at NorthwesternUniversity in December 2003. She has a Diploma in Economics fromthe Humboldt Universität in Berlin and a Maîtrise inMonetary Economics and Banking from the Université Paris IXDauphine.

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. 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. Seller Inventory # AAH9780470018002

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. 1. Auflage. Language: English . Brand New Book. 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. Seller Inventory # AAH9780470018002

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. 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. Seller Inventory # BTE9780470018002

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