A Century of Bond Ratings as a Business
AbstractHistorical accounting datasets about a leader of the bond rating industry have been gathered in order to provide an unprecedented long term view on this business. To better judge of the dynamics at play, similar data for representatives of older and broader business fields is also introduced. Overall, this empirical discussion plays down the importance of regulatory « licenses » given to bond rating firms and puts forward the coming of a « modern » business model where issuers pay for ratings.
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Bibliographic InfoPaper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2009-47.
Length: 29 pages
Date of creation: 2009
Date of revision:
Industry study; bond ratings; financial regulation;
Find related papers by JEL classification:
- L84 - Industrial Organization - - Industry Studies: Services - - - Personal, Professional, and Business Services
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
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