Abstract
The purposes of this paper are (1) to introduce the process of structure evolvement of international credit rating market in chronological order, (2) to analyze S and P, Moody’s, and Fitch’s rating patterns and rating services, and (3) based on the content stated before, to conclude the characteristics of the evolvement of international credit rating market and analyze the cause of them. By using correlation analysis and statistical analysis we emphasized on doing research on the ratings released by S and P, Moody’s, and Fitch (the Big Three) in 5 rating categories, financial institutions, insurance companies, corporate bonds, asset-backed securities, and government securities and gave our own opinion for causes of the current monopoly by the Big Three in credit rating market.7.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
R Zhang, Functional Disorder and Reform of Credit Ratings Mechanism, China Money, No. 7, pp. 20–25 (2010). 张锐: “国际信用评级机构的功能扭曲与改革前景”, 中国货币市场, No. 7, pp. 20–25 (2010)
Y. Jin, Break the Monopoly Pattern. China Urban Finance, No. 10, pp. 14–17 (2010). 金言: “打破垄断格局创建信用评级新秩序——国际信用评级体系改革与中国评级业发展展望”, 中国城市金融, No. 10, pp. 14–17 (2010)
K. Boehm, Credit rating agencies: The EU regulatory framework assessment. Bachelor of business administration international business and logistics thesis, Helsinki Metropolita University of Applied Science, May 2013
F. Partnoy, Why markets crash and what law can do about it. Soc. Sci. Electron. Publ. 61(3), 741–817 (1999)
V. Ivashina, B. Becker, Cyclicality of Credit Supply: Firm Level Evidence (Harvard Business School Finance Working Paper, 2011), pp. 10–107
P. Bolton, X. Freixas, J. Shapiro, The credit ratings game. J. Financ. 67(1), 85–111 (2012)
B. Becker, T. Milbourn, Reputation and Competition: Evidence from the Credit Rating Industry (Harvard Business School, 2008)
Acknowledgements
This work was done with great help from The Ministry of Education Research of Youth fund Projects on Humanities and Social Sciences of China (NO. 15YJC630122) and NUAA Graduate Base Innovation Open-End Fund (KFJJ20180911).
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Xuewei, H., Jianling, W. (2020). Structure Evolvement and Equilibrium Analysis of International Credit Rating Market. In: Yang, H., Qiu, R., Chen, W. (eds) Smart Service Systems, Operations Management, and Analytics. INFORMS-CSS 2019. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-30967-1_28
Download citation
DOI: https://doi.org/10.1007/978-3-030-30967-1_28
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-30966-4
Online ISBN: 978-3-030-30967-1
eBook Packages: Business and ManagementBusiness and Management (R0)