| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13418 |
| DP13418 The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates | |
| Ramin Baghai; Bo Becker; Stefan Pitschner | |
| 发表日期 | 2018-12-27 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Credit ratings have been shown to be imperfect and sometimes biased measures of risk. Has this affected their use in unregulated settings? Using textual analysis, we measure the use of credit ratings in investment mandates of fixed income mutual funds, where ratings serve to limit investment in risky assets. We find that this use has steadily increased from high initial levels over the past two decades. Fixed income markets’ extensive and continued reliance on credit ratings either points to a lack of practically useful alternatives, a positive view of ratings by market participants, or inefficient contracting. |
| 主题 | Financial Economics |
| 关键词 | Credit ratings Investment mandates Delegated asset management Financial crisis |
| URL | https://cepr.org/publications/dp13418-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542232 |
| 推荐引用方式 GB/T 7714 | Ramin Baghai,Bo Becker,Stefan Pitschner. DP13418 The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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