University of Cambridge > > Cambridge Finance Workshop Series > Credit Ratings and Structured Finance

Credit Ratings and Structured Finance

Add to your list(s) Download to your calendar using vCal

  • UserJoel Shapiro is Associate Professor of Finance at Saïd Business School, University of Oxford World_link
  • ClockThursday 19 February 2015, 13:00-14:00
  • House10 Trumpington Street.

If you have a question about this talk, please contact Cerf Admin.

The poor performance of credit ratings on structured …finance products has prompted investigation into the role of Credit Rating Agencies (CRAs) in designing and marketing these products. We analyze a two-period reputation model where a CRA both designs and rates securities that are sold to different clienteles: un-constrained investors and investors constrained by minimum quality requirements.When quality requirements for constrained investors are higher, rating infl‡ation increases. Rating infl‡ation decreases if the quality of the asset pool is higher. Securities for both types of investors may have in‡ated ratings. The motivation for pooling assets derives from tailoring to clienteles and from reputational incentives.

This talk is part of the Cambridge Finance Workshop Series series.

Tell a friend about this talk:

This talk is included in these lists:

Note that ex-directory lists are not shown.


© 2006-2022, University of Cambridge. Contact Us | Help and Documentation | Privacy and Publicity