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You searched for subject:(Rating Failures). Showing records 1 – 3 of 3 total matches.

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1. Jaballah, Jamil Sadok. Essais sur l'impact des crises financières sur la réputation et le comportement des agences de notation : Arbitration and insolvency proceedings.

Degree: Docteur es, Sciences de gestion - Finance, 2014, Université Toulouse I – Capitole

Cette thèse étudie l’impact de la réputation des agences de notation sur la perception de leurs annonces par les investisseurs, ainsi que sur leur propre comportement à divulguer des informations précises et ponctuelles. Elle est constituée de quatre chapitres. Dans les premier et second chapitres, nous étudions comment la perception des investisseurs des notations des agences change suite à l’observation d’une erreur de notation. Les résultats montrent que les investisseurs réagissent peu ou pas aux changements d’annonce après avoir observé des notations erronées, ce qui suggère que la mauvaise performance des agences de notation affecte négativement leur réputation. Dans les troisième et quatrième chapitres, nous étudions les déterminants de la ponctualité et de la précision des annonces de notation financière. Il ressort que la réputation de l’agence de notation affecte la qualité des notations. En particulier, plus la réputation est élevée, et plus la note semble surévaluée et non-ponctuelle.

This thesis studies the impact of the reputation of rating agencies on investors’ perception of ratings, and on rating agencies ability to disclose accurate and timely information. It consists of four chapters. In the first and second chapters, we study changes in investors’ perception of rating agencies’ ratings following the observation of rating failures. The results show that investors either ignore or react less to ratings after such failures, which suggests that rating agencies poor performance affects negatively their reputation. In the third and fourth chapters, we study the determinants of ratings timeliness and accuracy disclosed by credit rating agencies. The results suggest that the reputation of the rating agency affects the quality of ratings. In particular, the higher the rating agency s reputation, the less accurate and timely the rating is.

Advisors/Committee Members: Casamatta, Catherine (thesis director).

Subjects/Keywords: Erreurs de notation; Réaction des investisseurs; Rating Agencies; Reputation; Rating Failures

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Jaballah, J. S. (2014). Essais sur l'impact des crises financières sur la réputation et le comportement des agences de notation : Arbitration and insolvency proceedings. (Doctoral Dissertation). Université Toulouse I – Capitole. Retrieved from http://www.theses.fr/2014TOU10040

Chicago Manual of Style (16th Edition):

Jaballah, Jamil Sadok. “Essais sur l'impact des crises financières sur la réputation et le comportement des agences de notation : Arbitration and insolvency proceedings.” 2014. Doctoral Dissertation, Université Toulouse I – Capitole. Accessed October 22, 2019. http://www.theses.fr/2014TOU10040.

MLA Handbook (7th Edition):

Jaballah, Jamil Sadok. “Essais sur l'impact des crises financières sur la réputation et le comportement des agences de notation : Arbitration and insolvency proceedings.” 2014. Web. 22 Oct 2019.

Vancouver:

Jaballah JS. Essais sur l'impact des crises financières sur la réputation et le comportement des agences de notation : Arbitration and insolvency proceedings. [Internet] [Doctoral dissertation]. Université Toulouse I – Capitole; 2014. [cited 2019 Oct 22]. Available from: http://www.theses.fr/2014TOU10040.

Council of Science Editors:

Jaballah JS. Essais sur l'impact des crises financières sur la réputation et le comportement des agences de notation : Arbitration and insolvency proceedings. [Doctoral Dissertation]. Université Toulouse I – Capitole; 2014. Available from: http://www.theses.fr/2014TOU10040

2. Leljak, Nika. NAPAKE BONITETNIH AGENCIJ.

Degree: 2015, Univerza v Mariboru

Raziskovalno delo se ukvarja s problemom neobjektivnosti ter vse večjega števila napak, ki jih delajo bonitetne agencije. Še posebej pozorni bomo na tri največje agencije na svetu, to so: S&P, Moody’s ter Fitch, ki skupaj zavzemajo več kot 95% celotnega bonitetnega trga. Podrobneje si bomo ogledali pretekle finančne/gospodarske krize in napačno vrednotenje ameriških propadlih koncernov. Napačne bonitetne ocene, ki so prenizke ali previsoke, imajo velik vpliv na določene, za državo zelo pomembne, parametre. Višjo bonitetno oceno kot dobi država, po nižjih stroški se bo lahko zadolževala in obratno. Do neobjektivnosti pri vrednotenju pride iz večih razlogov. Najpogostejši razlog je profitni motiv agencij, ki privede do konflikta interesov. Agencije v veliki večini poslujejo po poslovnem modelu “izdajatelj plača”, kar pomeni, da je naročnik in plačnik ocene, izdajatelj vrednostnega papirja. Ker agencije plača nekdo, kogar morajo objektivno oceniti, prihaja do konflikta interesov, saj so v osnovi agencije profitne institucije, ki poslujejo z enormno visokimi dobički. Problem se nahaja tudi v skoncentriranosti agencij na območju Združenih držav Amerike in zelo omejenem številu agencij, kar priča o oligopliji ter pomanjkanju konkurence. V zgodovini se je pojavilo veliko primerov, v katerih so bonitetne agencije storile hude napake in te napake so nosile posledice. Ugotovimo pa lahko tudi, da agencije niso znale niti pravočasno predvideti prihajajočih finančnih kriz in pred njimi posvariti.

This research work deals with the problem of the lack of objectivity and a growing number of errors made by the credit rating agencies. Particular attention will be given to the three largest agencies in the world, namely: S&P, Moody's and Fitch, which together occupy more than 95% of the total credit market share. We will analyse this against several practical examples of past financial crises as well as defaulting of major US corporations such as Enron, Lehman Brothers, AIG and others. Misratings, whether too low or too high, have a significant impact on certain important parameters of a given country. The higher the rating a country gets, the lower its cost of borrowing will be, and vice versa. The lack of objectivity in the evaluation process occurs for several reasons. Most commonly, the reason is the profit motive of the agencies, which leads to a conflict of interest. Agencies in the vast majority operate on a business model following the "issuer pays" principle, which means that the client and payer of the ratings is the issuer of the security. Since the agencies get paid by someone whom they should objectively evaluate, this creates a conflict of interests, given the fact that they are essentially profitable institutions with enormously high earnings. Additional problem lies in the high concentration of agencies in the territory of the United States as well as in the limited number of operating agencies on a whole, reflecting the oligopoly of the markert and a severe lack of competition. There are a lot of historical examples…

Advisors/Committee Members: Strašek, Sebastjan.

Subjects/Keywords: bonitetna ocena; bonitetne agencije; napačno vrednotenje; credit rating; credit rating agencies; rating failures; info:eu-repo/classification/udc/336.76

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Leljak, N. (2015). NAPAKE BONITETNIH AGENCIJ. (Masters Thesis). Univerza v Mariboru. Retrieved from https://dk.um.si/IzpisGradiva.php?id=48102 ; https://dk.um.si/Dokument.php?id=73042&dn= ; https://plus.si.cobiss.net/opac7/bib/12063516?lang=sl

Chicago Manual of Style (16th Edition):

Leljak, Nika. “NAPAKE BONITETNIH AGENCIJ.” 2015. Masters Thesis, Univerza v Mariboru. Accessed October 22, 2019. https://dk.um.si/IzpisGradiva.php?id=48102 ; https://dk.um.si/Dokument.php?id=73042&dn= ; https://plus.si.cobiss.net/opac7/bib/12063516?lang=sl.

MLA Handbook (7th Edition):

Leljak, Nika. “NAPAKE BONITETNIH AGENCIJ.” 2015. Web. 22 Oct 2019.

Vancouver:

Leljak N. NAPAKE BONITETNIH AGENCIJ. [Internet] [Masters thesis]. Univerza v Mariboru; 2015. [cited 2019 Oct 22]. Available from: https://dk.um.si/IzpisGradiva.php?id=48102 ; https://dk.um.si/Dokument.php?id=73042&dn= ; https://plus.si.cobiss.net/opac7/bib/12063516?lang=sl.

Council of Science Editors:

Leljak N. NAPAKE BONITETNIH AGENCIJ. [Masters Thesis]. Univerza v Mariboru; 2015. Available from: https://dk.um.si/IzpisGradiva.php?id=48102 ; https://dk.um.si/Dokument.php?id=73042&dn= ; https://plus.si.cobiss.net/opac7/bib/12063516?lang=sl

3. Rodrigues, Telma Simões. Caso de estudo: BES.

Degree: 2017, Repositório Científico do Instituto Politécnico de Lisboa

Mestrado em Contabilidade e Análise Financeira

O propósito da dissertação que nos propomos desenvolver encontra-se relacionado com os acontecimentos do passado ano de 2014 no Banco Espírito Santo, dado ser um caso atual e diretamente relacionado com as temáticas abordadas ao longo do curso. Os últimos acontecimentos no Banco Espírito Santo revelaram a instabilidade, falta de controlo e rigor nas contas divulgadas pelas instituições financeiras portuguesas. A pesquisa e estudo que pretendemos realizar baseia-se na análise dos Relatórios e Contas divulgados durante os últimos 10 anos, analisando não só o desempenho económico e financeiro, como também as mensagens transmitidas pelo Conselho de Administração e Comissão executiva, a notação de rating atribuída ao longo dos anos. Ambicionamos também avaliar as medidas tomadas pelas instituições de supervisão envolvidas a fim de percebermos se existiram falhas. Com esta análise, ambicionamos interpretar as variações ao longo dos anos, por forma a percebermos os pequenos indícios da verdadeira situação no Banco Espírito Santo.

The purpose of this study has is focus on events that occur in 2014 over the Banco Espírito Santo, a subject that is fresh in the Portuguese society and at the same time is strictly connected with the course. The last years of this institution revealed the instability, lack of control and a great collection of doubts over the financial statements of Portuguese financial institutions. What we intend to do is a research based on the financial reports of Banco Espírito Santo over the last ten years, focused on the economic performance, administration public communications and the rating over the years. We also pretend to evaluate the measures applied by the supervision authorities, in order to detect what they could miss on the collapse of BES. With this study, we aim to make an analysis on the variations over the years, in order to verify the signs of the failure in 2014.

N/A

Advisors/Committee Members: Joaquim Paulo Viegas de Carvalho.

Subjects/Keywords: Banco de Portugal; Rating; Sistema financeiro português; Supervisão; Falências bancárias; Portuguese financial system; Supervision; Banks failures.

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Rodrigues, T. S. (2017). Caso de estudo: BES. (Thesis). Repositório Científico do Instituto Politécnico de Lisboa. Retrieved from http://www.rcaap.pt/detail.jsp?id=oai:repositorio.ipl.pt:10400.21/7257

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Rodrigues, Telma Simões. “Caso de estudo: BES.” 2017. Thesis, Repositório Científico do Instituto Politécnico de Lisboa. Accessed October 22, 2019. http://www.rcaap.pt/detail.jsp?id=oai:repositorio.ipl.pt:10400.21/7257.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Rodrigues, Telma Simões. “Caso de estudo: BES.” 2017. Web. 22 Oct 2019.

Vancouver:

Rodrigues TS. Caso de estudo: BES. [Internet] [Thesis]. Repositório Científico do Instituto Politécnico de Lisboa; 2017. [cited 2019 Oct 22]. Available from: http://www.rcaap.pt/detail.jsp?id=oai:repositorio.ipl.pt:10400.21/7257.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Rodrigues TS. Caso de estudo: BES. [Thesis]. Repositório Científico do Instituto Politécnico de Lisboa; 2017. Available from: http://www.rcaap.pt/detail.jsp?id=oai:repositorio.ipl.pt:10400.21/7257

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

.