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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Securitization and financial crisis 2007-2009
Buev, Philipp ; Šíma, Ondřej (advisor) ; Obešlo, František (referee)
The aim of this bachelor´s work is to acquaint the reader with the issues of securitization, its specificity, its products and its role in the financial crisis 2007-2009, the work also aims to show why the long-terms risks associated with CDOs and MBS have been underestimated. The objectives and reasons for securitization are also described in this work. Attention is focused primarily on the US financial system due to the uniqueness of the US economy and also because the securitization has begun in the USA. In addition, the work examines the causes of the financial crisis 2007-2009, the importance of the credit rating agencies in the securitization process. This bachelor´s thesis analyzes in detail CDOs and MBS, the process of their creation and their relation to the financial crisis 2007-2009.
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Analysis of changes in an approach to state's rating after the financial crisis
Horáková, Eva ; Blahová, Naďa (advisor) ; Šíma, Ondřej (referee)
This thesis deals with globalisation of markets. It focuses on examining the economic crisis of 2008 and 2010 and on how individual countries can cope with deteriorating of macroeconomic values, especially with financial implications of this situation. The thesis also examines credit rating agencies as indicators of financial soundness of investment instruments, to which is often reffered as to culprits of the crisis for their reaction to the development of the mortgage market. The thesis defines the rating in the concept of sovereign states and describes the market of credit rating agencies. It further evaluates individual rating agencies and practices in the context of the crisis, bringing a comprehensive picture of the role they played at the beginning of the crisis. It also attempts to outline more points of view on the previously unilaterally and predominantly negatively perceived issue of reputation of credit rating agencies.
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The regulation of the rating agencies
Búry, Tomáš ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
The Regulation of Credit Rating Agencies The thesis is concentrated on the regulation of credit rating agencies and aims to contribute to a current discussion regarding the future of credit rating agencies. A primary focus of the work was to explore whether a negative role of credit rating agencies in current crisis was caused by their insufficient, unnecessary or unsuitable regulation. An evaluation of sufficiency of newly adopted regulation with respect to the effective functioning of the rating market was chosen as an additional purpose of research. For the fulfillment of the stated aim analytical and comparative methods and synthesis were used. The style of the thesis falls within the Law and Economics approach. The research is based on EU and US legal norms, legislative documents of the European Commission and legal jurisprudence. Part I describes the emergence, development and the functioning of credit rating agencies, structure of rating market and legal meaning of the rating. Part II analyzes the ratio for regulation of credit rating agencies from the perspective of economic analysis of law. Mainly, whether agencies fulfill their function, what could potentially restrain them and how can be regulation helpful in this field. Part III compares and examines current regulatory reform of credit...
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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Analysis of the development of the Cypriot banks in years 2010–2016
Alexandridisová, Julie ; Dvořák, Petr (advisor) ; Galuška, Jiří (referee)
This master thesis is based on analyses of the Cypriot banking sector from 2010 to 2016. The aim is to describe the effects of the recent financial crisis in Cyprus to locally operating banks, to assess the assistance provided to Cypriot banks and especially to analyze the development of systemically important Cypriot banking institutions, namely the Bank of Cyprus Group, Cooperative Central Bank, Hellenic Bank and RCB Bank Ltd with emphasis on the most important banking institution in Cyprus. The work draws mainly from published financial results of the systemic banks and from the Central Bank of Cyprus representing the consolidated banking sector. Furthermore, for the purpose of this study was used the Eurostat database, EBA and the IMF periodicals, along with the websites of the credit rating agencies.
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Analysis of the impact of financial crisis on credit rating agencies
Matuška, Jakub ; Mirvald, Michal (advisor) ; Babin, Jan (referee)
The objective of this work is to analyze the effects of financial crisis on the development of selected economical indicators of Credit Rating Agency. The suggested influence was analyzed using parametric tests of financial indicators EBT, ROA, ROE, number of employees and share of assets on liabilities using their mean value and spread during years 2005-2014. Data and information used to interpret there indicators were acquired from annual reports of each company and analytical server YCharts. A significant part of this work is a summary of causes of financial crisis, which, amongst other factors, include the behavior of Credit Rating Agencies.
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The role of rating at capital markets
Petrželová, Soňa ; Musílek, Petr (advisor) ; Derner, Tomáš (referee)
The thesis elaborates on the development of the rating at capital markets and its regulation in the context of the global financial crisis. The first part focuses on the definition of the rating, the kinds and types of grant, explanation of the symbols in the rating scale, the rating process and activities of credit ratings agencies. The second part compares the different development of credit rating industry in the United States of America and in the European Union. It also deals with the participation of credit rating agencies in the financial crisis. The last part is concerned with the Dodd -- Frank Act and Regulation 1060/2009 on credit rating agencies as two different measures granted after crises. The thesis analyzed also their impact on the credit rating industry.
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Present position of rating and credit rating agencies in context to regulation of financial market
Přibylová, Jana ; Blahová, Naděžda (advisor) ; Kaimova, Nadira (referee)
The main aim of this thesis is to introduce the current position of rating and credit rating agencies. Present situation is deeply influenced by inevitable regulation which is still developing as much as financial market. This thesis describes the regulatory evolution of rating and focuses mostly on most important events which cause new measures every time. Although I was not able to find one particular result, I managed to outline present conditions in which are credit rating agencies operating in the world or in the Czech republic. The main finding is probably the fact that the way of regulation chosen by the United States of America or the European Union is not the best. An excess of regulation can not solve the loss of confidence in rating and credit rating agencies.
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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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