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Entwicklung von Kreditrisikopreisen und externen Ratings: Eine systematische Überblicksanalyse

Entwicklung von Kreditrisikopreisen und externen Ratings: Eine systematische Überblicksanalyse

          
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About the Book

Problemstellung: Die erste Rating-Beurteilung wurde Anfang des 20. Jahrhundert von John Moody im Kontext der ausgeprägten Anleihenfinanzierung der Eisenbahnunternehmungen zu Zeiten der fortwährenden Landerschließung auf dem amerikanischen Kontinent vollzogen. Seitdem entwickelte sich die von Moody gegründete Rating-Agentur, der "Moody's Investor Service" zu einer der einflussreichsten Rating-Agenturen, die in 100 Staaten über 143.000 Rating-Beurteilungen vorgenommen hat und heute etwa 700 Analysten beschäftigt. Neben dem Moody's Investor Service übernehmen auch zwei weitere international tätige Rating-Agenturen, "Standard and Poor's (S and P) Corporation" und "Fitch Investors Service" die Aufgabe der Rating-Beurteilung von Unternehmungen, Anleihen und Staaten. S and P und Moody's sind dabei insgesamt als die einflussreichsten Rating-Agenturen zu betrachten, da sie speziell auf dem amerikanischen Markt so gut wie alle Emittenten-Ratings vornehmen. In der Fachliteratur wird angesichts dieser Dominanz der beiden Rating-Agenturen häufig von einem Duopol bzw. von einem Oligopol, wenn man Fitch als dritte bedeutende Rating-Agentur hinzunimmt, gesprochen. Einem Wettbewerb sehen sich die Agenturen lediglich durch kleinere spezialisierte Nischenanbieter ausgesetzt. Den beiden Rating-Agenturen Moody's und S and P kann eine unbestrittene Machtposition in der Finanzwelt zugesprochen werden, da sie durch die von ihnen vorgenommenen Rating-Beurteilungen zum einen erst den Zugang von Unternehmungen zum Kapitalmarkt möglich machen und zum anderen einen entscheidenden Einfluss auf die Finanzierungskosten einer Unternehmung ausüben. Mit der genauen Auswirkung des Einflusses, den Rating-Agenturen durch die Rating-Verlautbarungen auf die Entwicklung der Finanzierungskosten, im Speziellen auf die Risikoprämie der Investoren, ausüben und den Reaktionen der Marktteilnehmer auf einzelne Rating-Verlautbarungen haben sich in den vergangenen drei Jahrzehnten eine Reihe von Forschern intensiv
About the Author: Jörg Küsgen Diplom-Ökonom Studium der Wirtschaftswissenschaft an der Ruhr-Universität Bochum Fakultät der Wirtschaftswissenschaft Dipl. Arbeit eingereicht bei Herrn Prof. Dr. Stephan Paul Lehrstuhl für Finanzierung und Kreditwirtschaft Abschluss Mai, 2007 als Diplom Ökonom


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Product Details
  • ISBN-13: 9783836652506
  • Publisher: Diplomica Verlag Gmbh
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 5 mm
  • Weight: 186 gr
  • ISBN-10: 3836652501
  • Publisher Date: 22 Apr 2009
  • Height: 254 mm
  • No of Pages: 96
  • Series Title: German
  • Sub Title: Eine systematische Überblicksanalyse
  • Width: 178 mm


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Entwicklung von Kreditrisikopreisen und externen Ratings: Eine systematische Überblicksanalyse
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Entwicklung von Kreditrisikopreisen und externen Ratings: Eine systematische Überblicksanalyse
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