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Complex Systems, Competition/Antitrust, and Legal Problems in the Global Credit Rating Agency Industry

Complex Systems, Competition/Antitrust, and Legal Problems in the Global Credit Rating Agency Industry

Copyright: © 2021 |Pages: 31
ISBN13: 9781799874188|ISBN10: 1799874184|ISBN13 Softcover: 9781799874195|EISBN13: 9781799874201
DOI: 10.4018/978-1-7998-7418-8.ch008
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MLA

Michael I. C. Nwogugu. "Complex Systems, Competition/Antitrust, and Legal Problems in the Global Credit Rating Agency Industry." Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries, IGI Global, 2021, pp.252-282. https://doi.org/10.4018/978-1-7998-7418-8.ch008

APA

M. Nwogugu (2021). Complex Systems, Competition/Antitrust, and Legal Problems in the Global Credit Rating Agency Industry. IGI Global. https://doi.org/10.4018/978-1-7998-7418-8.ch008

Chicago

Michael I. C. Nwogugu. "Complex Systems, Competition/Antitrust, and Legal Problems in the Global Credit Rating Agency Industry." In Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-7418-8.ch008

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Abstract

This chapter explains how the tie-breaker effect reduces social welfare and distorts equilibria. This chapter introduces new definitions of “equilibrium” in the CRA ratings processes. (This has been one of the major missing elements in the existing literature on the credit ratings industry) It explains why “reputational capital” (of CRAs) is a sub-set of “influence” (which can have more impact on bond-issuers' decisions and investors' decisions than traditional “influence”) and critiques the games theorems in Virag and other important papers.

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