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SUMMARY:Credit Ratings and Structured Finance - Joel Shapiro is Associate 
 Professor of Finance at Saïd Business School\, University of Oxford
DTSTART:20150219T130000Z
DTEND:20150219T140000Z
UID:TALK53986@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:The poor performance of credit ratings on structured …finance
  products has prompted investigation into the role of Credit Rating Agenci
 es (CRAs) in designing and marketing these products. We analyze a two-peri
 od reputation model where a CRA both designs and rates securities that are
  sold to different clienteles: un-constrained investors and investors cons
 trained by minimum quality requirements.When quality requirements for cons
 trained investors are higher\, rating infl‡ation increases. Rating infl‡
 ation decreases if the quality of the asset pool is higher. Securities for
  both types of investors may have in‡ated ratings. The motivation for poo
 ling assets derives from tailoring to clienteles and from reputational inc
 entives.
LOCATION:10 Trumpington Street
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