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A Century of Bond Ratings as a Business

Ludovic Moreau

No 2009-47, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: Historical accounting datasets about a leader of the bond rating industry have been gathered in order to provide an unprecedented long term view on this business. To better judge of the dynamics at play, similar data for representatives of older and broader business fields is also introduced. Overall, this empirical discussion plays down the importance of regulatory « licenses » given to bond rating firms and puts forward the coming of a « modern » business model where issuers pay for ratings.

Keywords: Industry study; bond ratings; financial regulation (search for similar items in EconPapers)
JEL-codes: L84 G18 G24 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2009
New Economics Papers: this item is included in nep-his
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Handle: RePEc:drm:wpaper:2009-47