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A Century of Bond Ratings as a Business


  • Ludovic Moreau


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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    References listed on IDEAS

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    9. Benoit Mandelbrot, 2015. "The Variation of Certain Speculative Prices," World Scientific Book Chapters,in: THE WORLD SCIENTIFIC HANDBOOK OF FUTURES MARKETS, chapter 3, pages 39-78 World Scientific Publishing Co. Pte. Ltd..
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    More about this item


    Industry study; bond ratings; financial regulation;

    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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