Rating Agencies and Reputational Risk
David J. Reiss
Brooklyn Law School
March 12, 2009
Maryland J. Business & Tech. Law, Vol. 4, p. 295, 2009
Brooklyn Law School, Legal Studies Paper No. 136
This essay is a lightly-edited version of a talk given at the University of Maryland School of Law and the Journal of Business & Technology Law's Conference on the Subprime Meltdown in October 2008. It briefly reviews the reputational risk literature and applies it to the rating agency industry. In particular, it looks at three of the inputs into reputation - trust, transparency, and leadership - and evaluates how rating agencies fared in the period leading up to the subprime meltdown. It concludes that rating agencies did poorly when it came to all three of these reputational inputs.
Number of Pages in PDF File: 10
Keywords: rating agencies, securitization, subprime, cdo, reputation, scandal, trust, transparency, leadership, mortgage-backed securities
Date posted: March 12, 2009 ; Last revised: September 12, 2011
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