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The role of credit rating agencies in evaluating risks
Fraňová, Jana ; Witzany, Jiří (advisor) ; Le, Simona (referee)
In this thesis I deal with role of rating agencies in the context of today's financial crisis. In particular, I focus on the segment evaluation of credit rating structured securities, the three largest credit rating agencies. The main part of this work include: financing credit rating agencies and regulation of credit rating agencies in the U.S. and the EU, securitization and the role of rating agencies and analysis of default studies of rating agencies. The last part is the comparison of default rates of structured finance segment by rating notches and comparison of volatility ratings of structured securities by rating notches selected the rating agencies. The time frame I set in the period from 2005 to 2012, which is evident during the financial crisis and its impact on changes in notches and default rates.
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Influence of Czech Republic Rating on its Debt Service
Mrázek, Jan ; Vopátek, Jiří (advisor) ; Zayml, Michal (referee)
This thesis deals with the activity of rating agencies and the sovereign rating in-fluence on debt service of the Czech Republic. In the theoretical part there is described the rating concept and its importance for society. Next there is described the history of the most significant rating agencies, so-called "The Big Three". The second part of this thesis is dedicated mainly to the sovereign rating of the Czech Republic that is compared with the sovereign ratings of other countries of the EU. Finally, I analyze whether there is a connection with the determinativ of the level of dependence between sovereign rating and interest on new government bonds, GDP, and state debt.
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Securitization and her role in current financial crisis
Bísková, Hana ; Jílek, Josef (advisor) ; Hájek, Jan (referee)
Securitization has been one of the most important causes of recent financial crisis. Diploma thesis characterizes subprime mortgage securitization with the emphasis on entities in the process involved and their motivations for securitization use. The thesis describes the most used securitized assets with the emphasis on risks arising from their characteristics. The thesis also clarifies negatives associated with securitization especially moral hazard, asymmetric information on the market and decline in lending standards and that securitization lead to failure of rating agencies evaluation. Thesis connects cheap money policy with increase demand for mortgages that have been securitized afterword and with losses of investors into securitized assets.
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Evaluation of credit rating agencies and its influence on states and corporations
Exner, Martin ; Štekláč, Jiří (advisor) ; Misic, Viktorija (referee)
The bacholer thesis is focused on understanding the rating agencies and the effects they create the ratings on the rated Entities. Specifically, the sovereign states. Funding for the debt in recent years in both public and private finances are increasingly common. Investors make decisions about their investments based on information about the solvency of the debtor. Since rating agencies that assess the creditworthiness are very powerful entity in the financial market. In the thesis I will use historical statistical data to try to uncover the possibility of failure of rating agencies and to determine, how they are influencing entities, especialy sovereign states through sovereign ratings.
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Credit rating crisis and position of rating agencies after crisis
Langášová, Markéta ; Bolotov, Ilya (advisor) ; Čajka, Radek (referee)
Rating agencies are key players on today's financial markets. For a long time they have kept an exeptional position and held respect of investors. In last few years they became a frequent subject of discussions, because of their involvement in the US subprime crisis. The purpose of this thesis is to introduce rating agencies and rating itself, its role on todays markets and how it could have affected the development of the recesion in USA. The goals is to find possible reasons, that might have caused overrating of structured finance instruments. A part of this thesis is also focused on analysis of after crisis situation in credit rating industry and comparison of regulating steps taken in USA and EU.
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Prediction of the rating agencies position in the financial markets
Šlachtičová, Zuzana ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
The thesis is devoted to the position of rating agencies in the financial markets. The main aim is to predict the position of these companies, which is currently mainly influenced by the European politicians. Politicians criticize them and try to limit their power. The essence of this thesis is to summarize the reasons for their criticism, focusing on reduction of sovereign ratings. Then it's discussed a downgrading the USA and France. For the first time in a history they lost their AAA rating. The last chapter is devoted to the possible position of rating agencies. The first option is the establishment of the European rating agency, the other one is tightening regulation and the last is a situation if the rating agencies were abolished.
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Rating process and the role of rating agencies as the part of the financial market
Balážová, Martina ; Blahová, Naděžda (advisor) ; Brada, Jaroslav (referee)
The thesis deals with the rating agencies as the significant and influential subjects on the financial markets. The main aim of the thesis is a description of rating, especially sovereign rating and its impact in international investment environment. The thesis also focuses on individual approaches of agencies in the rating process as well as distinctive legislative framework and efforts to change the regulation of agencies since 2007. The thesis is divided into four chapters. The first chapter deals with the definition and specification of rating and its alternatives. The second chapter deals with the rating agencies as the specific entities, their oligopolistic market position and criteria for awarding rating marks. The third chapter specifies the legislative measures relating to credit rating agencies and the major post-crisis changes. Lastly, the fourth chapter analyzes sovereign rating and its importance in the process of international investment.
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Mortgage crisis in the USA and Europe and impact of ABS, MBS and GSE on the crisis
Malakjan, Stiv ; Brada, Jaroslav (advisor) ; Osička, Štěpán (referee)
This thesis charts the evolution of US Housing financial system and housing market. The goal is to create a complex picture about wider circumstances and causes of the mortgage crisis. The first part describes the history of US mortgage market and institutions that operate on the market. The second part focuses on the securitization and entities that are in this process participating. It also explores the connections between individual participants. Thirt charter looks at the causes and entities that caused the mortgage market meltdown and examines thein motivation. The final part looks at the situation that occured after the bubble burst. Explores the trend of future regulation and mortgage market evolution.
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Analysis of the effect of credit rating
Svatková, Eliška ; Havlíček, David (advisor) ; Stádník, Bohumil (referee)
This bachelor work doesn't deal with only theoretical explanation of terms, but also issues with credit rating agencies inherently linked. The first five chapters are dedicated to theoretical concepts of history and credit rating agencies. The sixth chapter explains some of the factors that affected increasing the rating mark of the ČR. The conclusion can be found regression analysis investigating the effect of a credit rating to the bond risk premium of the czehc government bond. The last chapter is dedicated to a questionnaire survey which aimed to find out how it is currently viewed by the public and bankers who work in banks in the ČR.
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