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A Century of Bond Ratings as a Business

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  • Ludovic Moreau

Abstract

Historical 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.

Suggested Citation

  • Ludovic Moreau, 2009. "A Century of Bond Ratings as a Business," EconomiX Working Papers 2009-47, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2009-47
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    File URL: http://economix.fr/pdf/dt/2009/WP_EcoX_2009-47.pdf
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    Cited by:

    1. Körner, Finn Marten & Trautwein, Hans-Michael, 2015. "Sovereign credit ratings and the transnationalization of finance: Evidence from a gravity model of portfolio investment," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-54.

    More about this item

    Keywords

    Industry study; bond ratings; financial regulation;
    All these keywords.

    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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