کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7373929 | 1479770 | 2018 | 25 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The adjustment of bank ratings in the financial crisis: International evidence
ترجمه فارسی عنوان
تعدیل رتبه بانک در بحران مالی: شواهد بین المللی
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper analyses the adjustment of bank ratings which occurred in the United States, some European countries and Japan as a result of the financial crisis. We use a methodology which allows us to decompose the observed change in the rating into an effect associated with the change in agency rating policies (understood in a broad sense) and into another effect associated with the situation of bank assets. The results obtained show that with the crisis there was a generalised fall in the ratings, caused by both a worsening of the bank asset situation and the hardening of rating policies. Specifically, we find that 39.95% and 19.25% of the fall in ratings in the United States and European countries are due to a hardening of rating policies in Fitch and Standard and Poor's, respectively. Although the relevance of the change in the rating policy is lower in Moody's (15.83%), which suggests that has a less procyclical behaviour, this agency adjust their rating to a greater extent (15.94%) than Fitch (8.75%) and Standard and Poor's (8.17%) when the rating action is taken.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The North American Journal of Economics and Finance - Volume 44, April 2018, Pages 289-313
Journal: The North American Journal of Economics and Finance - Volume 44, April 2018, Pages 289-313
نویسندگان
Carlos Salvador, Juan Fernández de Guevara, José Manuel Pastor,