Abstract

http://ssrn.com/abstract=1957435
 


 



Three Letters that Move the Markets: Credit Ratings between Market Information and Legal Regulation


Ulrich G. Schroeter


University of Mannheim - Faculty of Law

July 9, 2011

Journal of Applied Research in Accounting and Finance (JARAF), Vol. 6, No. 1, pp. 14-30, 2011

Abstract:     
As demonstrated by the market reactions to downgrades of various sovereign credit ratings in 2011, the credit rating agencies occupy an important role in today’s globalized financial markets. This article provides an overview of the central characteristics of credit ratings and discusses risks arising from both their widespread use as market information and from the increasing references to credit ratings contained in laws, legal regulations and private contracts.

Number of Pages in PDF File: 24

Keywords: credit rating agencies, sovereign ratings

JEL Classification: M40, M41

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Date posted: November 10, 2011  

Suggested Citation

Schroeter, Ulrich G., Three Letters that Move the Markets: Credit Ratings between Market Information and Legal Regulation (July 9, 2011). Journal of Applied Research in Accounting and Finance (JARAF), Vol. 6, No. 1, pp. 14-30, 2011. Available at SSRN: http://ssrn.com/abstract=1957435

Contact Information

Ulrich G. Schroeter (Contact Author)
University of Mannheim - Faculty of Law ( email )
68131 Mannheim
Germany
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