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Ratingagenturen - Fluch oder Segen? Eine kritische Bestandsaufnahme

  • Chiwitt, Ulrich
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    [Vorwort] Ratingagenturen sind in den letzten Jahren verstärkt in die Kritik geraten, da viele Investoren speziell während der Subprime-Krise aufgrund falsch eingeschätzter Bewertungen massive Verluste erlitten haben. Den Agenturen wird oftmals unterstellt, sie hätten, im Falle der Beauftragung durch Emittenten, Bewertungen in der Hoffnung auf Folgeaufträge günstiger ausfallen lassen. Als Reaktion auf diese und weitere Kritikpunkte wurden die Ratingagenturen 2013 mittels EU-Rating-Verordnung unter die Aufsicht der ESMA (European Securities and Markets Authority) gestellt. Die darin erlassenen Vorschriften sollen u. a. dazu beitragen, die Transparenz zu verbessern und potenzielle Interessenkonflikte zu vermeiden. Der starke Einfluss von Ratingagenturen wird auch in Hinblick auf die Bewertung von Volkswirtschaften deutlich. So haben in der Vergangenheit Abstufungen zu empfindlichen Konsequenzen für die entsprechenden Länder geführt. Teilweise, so die Kritik, seien die Bewertungen nicht mit genügend Weitblick vorgenommen und die Folgen, z. B. in Hinblick auf Ansteckungseffekte anderer Länder, nicht in Betracht gezogen worden. Dass eine negative Bewertung für die betreffenden Länder relevante Auswirkungen nach sich ziehen kann, ist immer wieder zu beobachten, allerdings ist es auch notwendig, hoch bewertete Länder vor den Konsequenzen, wie z. B. Kapitalflucht aus dem Ausland, zu schützen. Vor diesem Hintergrund werden im vorliegenden Beitrag die zentralen Funktionen von Ratingagenturen im Kontext der vorliegenden Marktunvollkommenheiten reflektiert. Dabei werden die aktuellen Regulierungsmaßnahmen mit ihrem Inhalt und ihren Wirkungsweisen hinsichtlich der Machtstellung der großen Ratingagenturen kritisch in die Diskussion mit einbezogen.

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    Paper provided by FOM Hochschule für Oekonomie & Management in its series Arbeitspapiere der FOM with number 48.

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    Date of creation: 2014
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    Handle: RePEc:zbw:fomarb:48
    Contact details of provider: Web page: http://www.fom.de/

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