A Strict Liability Regime for Rating Agencies
In order to appreciate why a strict liability rule shaped in such a way would provide Credit Rating Agencies (CRA) with optimal incentives to issue accurate ratings, the authors start with discussing in Part I what is broken in the market for rating. In Part II, they introduce the strict liability r...
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| Published in | American business law journal Vol. 52; no. 4; pp. 673 - 720 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Oxford, Ohio
Blackwell Publishing Ltd
01.12.2015
Academy of Legal Studies in Business |
| Subjects | |
| Online Access | Get full text |
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| Abstract | In order to appreciate why a strict liability rule shaped in such a way would provide Credit Rating Agencies (CRA) with optimal incentives to issue accurate ratings, the authors start with discussing in Part I what is broken in the market for rating. In Part II, they introduce the strict liability rule with a simple numerical example. In Part III, they illustrate in two phases how capped strict liability prevents CRAs from inflating ratings. First, they present this result under simplifying assumptions. Second, they show that the choice of liability exposure by CRAs can lead to the same result under the more realistic assumptions of imperfect foresight and unobservability of reputation effects and other key variables. In Part IV, they discuss the problem of systemic risk and how the strict liability rule should be corrected to cope with this problem in the two cases of corporate bonds and structured finance products. Part V illustrates the key advantages of the proposal in disciplining CRAs' behavior. |
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| AbstractList | In order to appreciate why a strict liability rule shaped in such a way would provide Credit Rating Agencies (CRA) with optimal incentives to issue accurate ratings, the authors start with discussing in Part I what is broken in the market for rating. In Part II, they introduce the strict liability rule with a simple numerical example. In Part III, they illustrate in two phases how capped strict liability prevents CRAs from inflating ratings. First, they present this result under simplifying assumptions. Second, they show that the choice of liability exposure by CRAs can lead to the same result under the more realistic assumptions of imperfect foresight and unobservability of reputation effects and other key variables. In Part IV, they discuss the problem of systemic risk and how the strict liability rule should be corrected to cope with this problem in the two cases of corporate bonds and structured finance products. Part V illustrates the key advantages of the proposal in disciplining CRAs' behavior. |
| Author | Pacces, Alessio M. Romano, Alessandro |
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| Cites_doi | 10.1016/j.jfineco.2012.11.004 10.1353/wal.1987.0165 10.1016/j.jmoneco.2009.04.004 10.1016/j.jfineco.2012.10.011 10.1016/j.frl.2012.11.001 10.1016/j.jfineco.2011.03.012 10.1111/1468-0327.12009 10.2202/1553-3832.1678 10.2139/ssrn.167412 10.2139/ssrn.1787206 10.2139/ssrn.2258926 10.1257/jep.23.1.3 10.1111/j.1468-0327.2010.00245.x 10.1086/467626 10.2307/1600271 10.2139/ssrn.2198293 10.1086/255420 10.1111/j.1540-6261.2011.01708.x 10.1016/j.jfineco.2014.10.012 10.2307/796494 10.1111/jofi.12153 10.1093/rfs/hht041 10.1111/0022-1082.00057 10.2139/ssrn.281360 10.2139/ssrn.1363899 10.1016/j.jbankfin.2010.07.002 |
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| Copyright | 2015 The Authors American Business Law Journal © 2015 Academy of Legal Studies in Business Copyright Academy of Legal Studies in Business Winter 2015 |
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| Notes | ArticleID:ABLJ12054 ark:/67375/WNG-N1T1HDNN-6 istex:C050DC74E3163C9BA0E17C2724B9B09AC985D306 A previous version of this article was published as ECGI research paper in law and a short summary of it was posted on the Harvard Law School Forum on Corporate Governance and Financial Regulation. Part of the research included in this article was carried out at the Study Center Gerzensee of the Swiss National Bank, whose hospitality is gratefully acknowledged. This article benefited from the feedback of participants in the 2014 European Summer Symposium on Economic Theory (ESSET) in Gerzensee, the 2014 MaCCI Law and Economics Conference on Financial Regulation and Competition in Mannheim, the 2013 Meeting of the Canadian Association in Law and Economics in Toronto, the 15th Joint Seminar of the European Association of Law and Economics and the Geneva Association in Girona, the 4th Annual Conference of the Spanish Association of Law and Economics in Granada, and the 11th Annual Meeting of the German Association of Law and Economics in Bolzano. We thank Gaia Barone, Patrick Bolton, Jeff Gordon, Alice Guerra, Martin Hellwig, Todd Henderson, Claire Hill, Giovanni Immordino, Yair Listokin, Vyacheslav Mikhed, Marcello Puca, Pietro Reichlin, Roberta Romano, Ulrich Schroeter, Alan Schwartz, Bob Scott, Angela Troisi, and Roland Vaubel for valuable comments on previous versions of this work. The usual disclaimers apply. |
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| PublicationTitle | American business law journal |
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| Publisher | Blackwell Publishing Ltd Academy of Legal Studies in Business |
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| Snippet | In order to appreciate why a strict liability rule shaped in such a way would provide Credit Rating Agencies (CRA) with optimal incentives to issue accurate... |
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| SubjectTerms | Liability Negligence Organizational behavior Rating services Reputations |
| Title | A Strict Liability Regime for Rating Agencies |
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