thesis on credit rating agencies

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Essays on credit rating agencies in China

• Center Ph. D. Students

Research output : Thesis › Doctoral Thesis

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• 10.26116/0gzp-kz77
• Thesis Yan Liu Final published version, 3.51 MB

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• credit Social Sciences 100%
• rating Social Sciences 86%
• China Social Sciences 70%
• industry Social Sciences 13%
• market Social Sciences 13%

T1 - Essays on credit rating agencies in China

AU - Liu, Yan

N1 - CentER Dissertation Series Volume: 715

N2 - The four essays collected in this PhD thesis focuses on the research of credit rating agencies (CRAs) in China. The first chapter introduces the overview of the Chinese bond market and rating industry. The second chapter mainly analyses the impact of the failure to accurately predict bond defaults on CRAs. The third chapter studies the relationship between issuer importance and credit ratings. And the fourth chapter investigates whether the reputational capital of credit rating agencies affects their rated bonds.

AB - The four essays collected in this PhD thesis focuses on the research of credit rating agencies (CRAs) in China. The first chapter introduces the overview of the Chinese bond market and rating industry. The second chapter mainly analyses the impact of the failure to accurately predict bond defaults on CRAs. The third chapter studies the relationship between issuer importance and credit ratings. And the fourth chapter investigates whether the reputational capital of credit rating agencies affects their rated bonds.

U2 - 10.26116/0gzp-kz77

DO - 10.26116/0gzp-kz77

M3 - Doctoral Thesis

SN - 978 90 5668 717 5

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

• Johannes Gutenberg-Universität Mainz
• JGU-Publikationen

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Dissertations / Theses on the topic 'Governance of credit rating agencies'

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Shi, Xucheng. "Three Essays on Information Intermediaries in Capital Markets." Thesis, Jouy-en Josas, HEC, 2021. http://www.theses.fr/2021EHEC0003.

Trouillet, Julien. "Credit Rating Agencies." Thesis, Paris Sciences et Lettres (ComUE), 2017. http://www.theses.fr/2017PSLED045/document.

Gabriel, Amadeus. "The economics of credit rating agencies : how credit rating agencies became financial market authorities." Angers, 2013. http://www.theses.fr/2013ANGE0039.

Salvade, Federica. "Essays on credit rating agencies." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010068.

Larik, Waseem. "Revealed preference differences among credit rating agencies." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/revealed-preference-differences-among-credit-rating-agencies(6adae219-dd55-468c-a040-1aaf0b48f579).html.

Sun, Wei. "Expectations and performance of Chinese credit rating agencies." Thesis, University of the West of Scotland, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.714648.

Curti, Filippo. "The Rating Game: an Empirical Assessment." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/323225.

Berwart, Erik. "Can credit rating agencies discover and disseminate valuable information?" Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/can-credit-rating-agencies-discover-and-disseminate-valuable-information(eaeed05b-9f62-47e7-80f3-2cb871a122ec).html.

Ndlovu, Tabani. "Credit rating agencies : regulatory changes and market participants' perspectives." Thesis, Oxford Brookes University, 2013. https://radar.brookes.ac.uk/radar/items/d512e610-d782-4684-ae1e-7582436a492d/1.

Forster, Josef. "Essays on the Economics of Credit Rating Agencies and Banking." Diss., lmu, 2008. http://nbn-resolving.de/urn:nbn:de:bvb:19-87852.

Prakash, Puneet. "Absolute or Relative? Which Standards do Credit Rating Agencies Follow?" restricted, 2005. http://etd.gsu.edu/theses/available/etd-08042005-152025/.

Cock, Craig. "Influence of strike action on South Africa s credit rating by global rating agencies." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52371.

Norris, Davon N. "A Camera Obscura? Understanding How Credit Rating Agencies See City Government." The Ohio State University, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=osu1531830251553098.

Einig, Sandra Elisabeth. "Financial managers', institutional investors' and other interested parties' perception of credit rating agencies and rating quality." Thesis, University of the West of Scotland, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.494772.

Albuquerque, André Massena de. "Sovereign credit rating mismatches." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12629.

Grün, Bettina, Paul Hofmarcher, Kurt Hornik, Christoph Leitner, and Stefan Pichler. "Deriving Consensus Ratings of the Big Three Rating Agencies." Incisive Financial Publishing, 2013. http://epub.wu.ac.at/4052/1/consensus_Rev3.pdf.

Ioannou, Stefanos. "The political economy of credit rating agencies : the case of sovereign ratings." Thesis, University of Leeds, 2016. http://etheses.whiterose.ac.uk/12327/.

Matelis, Skirmantas. "How do sovereign debt yields respond to credit rating announcements." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18333.

Johnson, James. "Lost in Translation: Rethinking the Politics of Sovereign Credit Rating." Thesis, University of Canterbury. Social and Political Science, 2013. http://hdl.handle.net/10092/8684.

SALVADE', FEDERICA. "Il valore dell'informazione contenuta nel credit rating: evidenze dall'evento di rating withdrawal." Doctoral thesis, Università Cattolica del Sacro Cuore, 2014. http://hdl.handle.net/10280/2813.

Grün, Bettina, Paul Hofmarcher, Kurt Hornik, Christoph Leitner, and Stefan Pichler. "Deriving Consensus Ratings of the Big Three Rating Agencies." Institute for Statistics and Mathematics, WU Vienna University of Economics and Business, 2010. http://epub.wu.ac.at/728/1/document.pdf.

Bartels, Bernhard [Verfasser]. "Essays on credit rating agencies and the assessment of sovereign risk / Bernhard Bartels." Mainz : Universitätsbibliothek Mainz, 2015. http://d-nb.info/1071065726/34.

Hemraj, Mohammed Baker. "The law and Regulation of credit rating agencies in the US and EU." Thesis, University of Wolverhampton, 2018. http://hdl.handle.net/2436/621916.

Parbhoo, Neesha. "The validity of credit rating agencies and their impact on an African reinsurer." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52289.

Park, Duri. "Accrual and Cash Flow Comparability: Evidence from Stock Analysts and Credit Rating Agencies." The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1385895448.

SIMAO, ANNA ROSA ALUX. "A DYNAMIC EVOLUTIONARY GAME BETWEEN DEBT ISSUERS AND CREDIT RATING AGENCIES: A THEORETICAL VIEW." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2015. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=25866@1.

Jones, Laurence. "The credit rating industry under new regulatory regimes : the case of financial institutions." Thesis, Bangor University, 2019. https://research.bangor.ac.uk/portal/en/theses/the-credit-rating-industry-under-new-regulatory-regimes(86afd105-d094-431e-b345-1e9db149cb46).html.

Östlund, Andreas, and Mikael Hyleen. "The relationship between Credit Ratings and Beta : -A quantitative study on the Nordic market." Thesis, Umeå University, Umeå School of Business, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-24806.

This study aims to investigate the relationship between systematic risk and credit ratings. The systematic risk, frequently measured by beta, is an important consideration for both investors and corporations. Therefore it is interesting to examine if indications about the systematic risk could be gained by looking at credit ratings, especially on the Nordic market, where credit ratings are seemingly growing in importance. Consequently, the following research hypothesis is posed; We intend to establish a relationship between market risk (Beta) and credit ratings for firms in the Nordic countries.

In order to confirm or deny the research hypothesis, theories from peer reviewed databases were collected. These were divided into three sections; background theories, hypotheses about credit ratings and a literature review. The background theories consisted of two classical financial theories, the Capital Asset Pricing Model and the Efficient Market Hypothesis, which are the foundation upon which the research field have progressed. The hypotheses is specifically designed to explain the relationship between credit ratings and either systematic risk or stock price. The literature review contains information about studies which did not contribute to theory building, but produced results interesting in the research area.

The actual sample in the thesis consisted of the 58 credit rated companies on the Nordic stock market. These companies were rated by Moody’s and/or Standard & Poor’s, the two largest credit rating agencies in the world. As a measure of the systematic risk, betas for each of the companies were calculated. To investigate the relationship between these variables a regression analysis was performed, as well as one sample T-test using the software SPSS.

The result revealed a moderate relationship between beta and credit risk, a relationship which was not statistically significant on the five percent level. Our results suggest that credit ratings contain some information about companies’ systematic risk, a finding that might be useful for market participants.

Cash, Daniel. "The regulation of credit rating agencies : an analysis of the transgressions of the rating industry and a measured proposal for reform." Thesis, Durham University, 2016. http://etheses.dur.ac.uk/11838/.

Hsu, Sing, and 許星. "The analysis of bond yields and credit rating of Hong Kong companies." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B31954777.

Búry, Jan. "Význam investičního ratingu a mezinárodních ratingových agentur pro stabilitu mezinárodních finančních trhů." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75407.

Thompson, Simon. "The civil liability of credit rating agencies in South African law: recent developments in comparative perspective." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/9155.

Owlett, Robert H. "A Re-Examination of Rating Shopping and Catering using Post-Crisis Data on CDOs." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1408.

Onjewu, Adah-Kole. "A thematic analysis of anticompetitive behaviour in the credit rating process of structured finance." Thesis, University of Plymouth, 2018. http://hdl.handle.net/10026.1/11162.

Hermansson, Jacob. "The Governance Effects of Credit Rating Changes : A Study of the European Banking Market." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-26428.

Wallertz, Christoffer. "The Governance Effects of Credit Rating Changes : A Study of the European Banking Market." Thesis, Linnéuniversitetet, Institutionen för nationalekonomi och statistik (NS), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-30011.

Karpava, Marharyta. "Determinants of forex market movements during the European sovereign debt crisis: The role of credit rating agencies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18398.

Cüppers, Laura Natalie [Verfasser], Heinz-Dieter [Gutachter] Smeets, and Ulrike [Gutachter] Neyer. "Financial Markets, Sovereign Default and Credit Rating Agencies / Laura Natalie Cüppers ; Gutachter: Heinz-Dieter Smeets, Ulrike Neyer." Düsseldorf : Universitäts- und Landesbibliothek der Heinrich-Heine-Universität Düsseldorf, 2016. http://d-nb.info/1114884936/34.

CAFARELLI, ALESSANDRO. "CREDIT RATING: A REVIEW OF RECENT ACADEMIC AND EMPIRICAL EVIDENCE ON CONFLICT OF INTEREST." Doctoral thesis, Università Cattolica del Sacro Cuore, 2016. http://hdl.handle.net/10280/10589.

Petrželová, Soňa. "Role ratingu na kapitálových trzích." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-200174.

Qian, Xin. "Security market timing and effects of credit rating and corporate governance on capital structure of UK firms." Thesis, University of Birmingham, 2014. http://etheses.bham.ac.uk//id/eprint/5531/.

Aloquili, A. "Estimation of credit rating models : case study for MENA countries and their commercial banks." Thesis, Coventry University, 2014. http://curve.coventry.ac.uk/open/items/82213d64-6097-4482-a61a-c67d698f5e95/1.

Paineli, Grazielli Angelucci. "EU sovereign ratings lags prior and after the great recession." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/18858.

Vaňková, Jana. "Analýza přínosů Evropské ratingové agentury." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-192957.

Alves, Ana Margarida de Morais Pascoal. "Impacto da alteração do rating no sistema financeiro português." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4403.

Lehocká, Magdaléna. "Význam ratingov a medzinárodných ratingových agentúr pre stabilitu na medzinárodných finančných trhoch." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-196955.

AlHares, Aws Mousa. "A cross-country study of the effects of corporate governance mechanisms on risk-taking, credit rating and cost of capital." Thesis, University of Huddersfield, 2017. http://eprints.hud.ac.uk/id/eprint/32628/.

Geiszler, Matthew. "The Effect of Accrual Quality, Real Activities Earnings Management and Corporate Governance on Credit Ratings." Kent State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=kent1405446125.

Gonzalez, Rodrigo Barbone. "Uma avaliação do capital regulatório no sistema bancário." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-11062012-192009/.

Alshammari, Turki. "The composition and characteristics of stockholders in GCC markets, and their response to the released information : an application to credit rating agencies' and Imams' announcements." Thesis, Université de Lorraine, 2020. http://www.theses.fr/2020LORR0098.

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