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The use of qualitative modeling in solving problems associated with external credit rating
Krejčíř, Jaroslav ; Kulhánek, Lumír (referee) ; Dohnal, Mirko (referee) ; Myšková, Renáta (referee) ; Rejnuš, Oldřich (advisor)
The doctoral dissertation studies applications of the methods of qualitative modelling to solve problems associated with external credit ratings. Qualitative modelling is a tool which can solve tasks under shortage of relevant information items. Correlation analysis is used if relevant data sets are available and complement the qualitative analysis. External credit rating assessments are closely related to possibilities of insolvency of business entities and the subsequent bankruptcies. Mutual interlinks of bankruptcy probabilities and qualitative models are presented in details. Two specific models are given. Due to the adopted legislative measures were also tested match of the ratings from a variety of external credit rating agencies using cluster and correlation analysis. The above mentioned results are used to develop a qualitative model of external credit ratings, which is the main outcome of this dissertation. The results of model scenarios of assessment of the influence of regulation external credit rating on the business entity, investors, as well as regulatory authorities are presented in details.
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The Role of Rating Agencies in the Worldwide Crise
Kratochvíl, Jan ; Očko, Petr (advisor) ; Ivánek, Jiří (referee)
The thesis focuses on the role of rating agencies in the financial crisis. The aim of the thesis is to judge a rate how much rating agencies contributed to give rise to last financial crisis, began by fall of Lehman Brothers in 2008. A main question is whether rating agencies acted inadvertently or on purpose and which all factors contributed most to result in financial crisis and as well how the rating agencies could influence and cope with these factors. The thesis deals with regulation of rating agencies and their appropriateness too. Rating and its aspects in theoretical way are described in the first part of the work. The real situation of rating industry prior to and in financial crisis is described in the second practical part of the thesis.
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The use of qualitative modeling in solving problems associated with external credit rating
Krejčíř, Jaroslav ; Kulhánek, Lumír (referee) ; Dohnal, Mirko (referee) ; Myšková, Renáta (referee) ; Rejnuš, Oldřich (advisor)
The doctoral dissertation studies applications of the methods of qualitative modelling to solve problems associated with external credit ratings. Qualitative modelling is a tool which can solve tasks under shortage of relevant information items. Correlation analysis is used if relevant data sets are available and complement the qualitative analysis. External credit rating assessments are closely related to possibilities of insolvency of business entities and the subsequent bankruptcies. Mutual interlinks of bankruptcy probabilities and qualitative models are presented in details. Two specific models are given. Due to the adopted legislative measures were also tested match of the ratings from a variety of external credit rating agencies using cluster and correlation analysis. The above mentioned results are used to develop a qualitative model of external credit ratings, which is the main outcome of this dissertation. The results of model scenarios of assessment of the influence of regulation external credit rating on the business entity, investors, as well as regulatory authorities are presented in details.
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The analysis of the benefits of the European Rating Agency
Vaňková, Jana ; Titze, Miroslav (advisor) ; Šimíček, Petr (referee)
The main aim of this diploma thesis is to analyze benefits of the establishment of the European Rating Agency. The partial aim is to determine the influence of the credit ratings on economics situation in selected European countries and to analyze problems of current credit rating industry. A slight impact of the credit ratings on the observed countries has been found by way of the analysis of evolution of the yields of ten-year government bonds and the prices of CDS contracts on these bonds. Non-perfect competition, weak transparency of the rating process and conflict of interest are considered as the most important problems of the credit rating agencies. By way of the analysis of the ability of the European Rating Agency to remove or at least to partially eliminate discussed problems has been found that the European Rating Agency would not be able to remove all problems of the credit rating industry. The uncertainty about the independence of the European Rating Agency is the biggest weakness of this agency. For this reason, we can't expect that the European Rating Agency would be able to make the credit rating process more efficient and improve the situation in the credit rating industry.
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