Brunel University Research Archive(BURA) preserves and enables easy and open access to all
types of digital content. It showcases Brunel's research outputs.
Research contained within BURA is open access, although some publications may be subject
to publisher imposed embargoes. All awarded PhD theses are also archived on BURA.
Please use this identifier to cite or link to this item:
http://bura.brunel.ac.uk/handle/2438/33238| Title: | Effectiveness of EU CRA regulations in curbing rating shopping and catering in the securitisation market |
| Authors: | Karimov, N Kara, A Downing, G Marqués, D |
| Keywords: | securitisation;asset-backed securities;credit rating agencies;rating shopping;rating catering;EU CRA regulation |
| Issue Date: | 1-Aug-2024 |
| Publisher: | SUERF – The European Money and Finance Forum 2010-2025 Société Universitaire Européenne de Recherches Financières |
| Citation: | Karimov, N. et al. (2024) Effectiveness of EU CRA regulations in curbing rating shopping and catering in the securitisation market. SUERF Policy Brief, No. 943. SUERF. Available at: https://www.suerf.org/publications/suerf-policy-notes-and-briefs/effectiveness-of-eu-cra-regulations-in-curbing-rating-shopping-and-catering-in-the-securitisation-market/ |
| Series/Report no.: | SUERF Policy Brief;No. 943 |
| Abstract: | Have EU regulations implemented after the Global Financial Crisis (GFC) on credit rating agencies (CRAs) been effective in curbing rating inflation? We answer this question by analysing a large dataset of asset-backed securities (ABS) issued between 1998-2018. We find that new regulations reduced rating catering. However, rating shopping remains a concern, especially for investors of premium ABS. Overall, our findings show that the effectiveness of the regulatory changes has been limited. |
| Description: | JEL Codes: G21 , G28. |
| URI: | http://bura.brunel.ac.uk/handle/2438/33238 |
| Other Identifiers: | ORCiD: Alper Kara https://orcid.org/0000-0002-8560-0501 |
| Appears in Collections: | Department of Economics, Finance and Accounting Research Papers * |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| FullText.pdf | Copyright © 2024 the author(s) and/or their employer(s)/institution(s). All rights reserved (see: https://www.suerf.org/publications/guidelines-for-authors/). | 474.89 kB | Adobe PDF | View/Open |
Items in BURA are protected by copyright, with all rights reserved, unless otherwise indicated.