全球信用评级机构行业的复杂系统、竞争/反垄断和法律问题

Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries Pub Date : 1900-01-01 DOI:10.4018/978-1-7998-7418-8.ch008

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摘要

本章解释了决胜效应是如何降低社会福利和扭曲均衡的。本章介绍了评级机构评级过程中“均衡”的新定义。(这一直是信用评级行业现有文献中主要缺失的元素之一)它解释了为什么“声誉资本”(评级机构)是“影响力”的一个子集(它对债券发行人的决策和投资者的决策的影响比传统的“影响力”更大)，并批评了Virag和其他重要论文中的博弈定理。

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Complex Systems, Competition/Antitrust, and Legal Problems in the Global Credit Rating Agency Industry

This chapter explains how the tie-breaker effect reduces social welfare and distorts equilibria. This chapter introduces new definitions of “equilibrium” in the CRA ratings processes. (This has been one of the major missing elements in the existing literature on the credit ratings industry) It explains why “reputational capital” (of CRAs) is a sub-set of “influence” (which can have more impact on bond-issuers' decisions and investors' decisions than traditional “influence”) and critiques the games theorems in Virag and other important papers.

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Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries

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