the effect of increased competition on the quality of credit ratings

Anne Goor Evelien Claes
Persbericht

the effect of increased competition on the quality of credit ratings

In mijn master thesis wordt een kritische analyse gedaan van de rol die credit rating agentschappen spelen in de economische wereld en de manier waarop ze informatie verschaffen. Het feit dat credit raters enerzijds voor hun diensten betaald worden door de aanvragers van deze diensten zelf, namelijk de issuers, en het beperkt aantal spelers in de ratingmarkt anderzijds, geeft aanleiding tot heel wat belangen conflicten. Als antwoord hierop zijn in Europa strenge reguleringen ontstaan inzake het beleid en toezicht op cra’s en zijn zelfs nieuwe wetsvoorstellen reeds in aanmaak. Hierbij moet echter de vraag gesteld worden of deze recente wetsvoorstellen een effectieve oplossing kunnen bieden voor de problemen die gepaard gaan met credit ratings. Zo zou het namelijk kunnen dat we afstevenen op een situatie van overregulatie waarbij het net de complexiteit van de regulering is die aanleiding geeft tot problemen. Een systeem van zelfregulering, dat via het marktmechanisme mogelijk gemaakt wordt, kan een alternatief bieden. De ‘reputational capital view’ benadering gaat er van uit dat credit raters in voldoende mate zelfregulerend functioneren doordat ze streven naar een goede reputatie. Om zulke reputatie te bereiken, is het belangrijk dat de credit ratings betrouwbaar en waardevol zijn, waardoor de credit rater het vertrouwen van de issuer voor zich kan winnen. In de economische paper zijn we echter tot de conclusie gekomen dat deze benadering niet steeds consistent is en geen verklaring kan bieden voor bepaalde marktgedragingen. Zo zal het belang van een goede reputatie afnemen naarmate er meer spelers op de markt zijn en verhoogde competitie mogelijk gemaakt wordt. Dit kan verklaard worden door het feit dat in een situatie van toegenomen competitie, de verwachte toekomstige inkomsten zullen afnemen doordat de totale winst moet gedeeld worden over een groter aantal spelers. Ter compensatie zullen de rating agentschappen opteren om meer inkomsten op korte termijn te genereren door ratings uit te geven die gunstig zijn voor de issuer.

Deze theorie werd in onze economische thesis getoetst door een reeks testen op te stellen die nagaan wat het effect is van verhoogde competitie op de kwaliteit van credit ratings. De resultaten hiervan zijn in lijn met de bestaande literatuur. Ze tonen aan dat verhoogde competitie, wat in het economisch model overeenstemt met de toetreding van Fitch, een significant negatieve impact heeft op de kwaliteit van credit ratings. Het niveau van de ratings zal stijgen, uitsluitend als gevolg van een verhoogd aantal concurrenten in de markt, en de voorspellingskracht ten aanzien van een toekomstige ‘default’ zal afnemen.  Deze resultaten zijn echter gedeeltelijk in strijd met de recente wetsvoorstellen inzake credit rating agencies. Zo bevat het Europese voorstel van 15 oktober 2011 voor een nieuwe cra regulering een aanal maatregelen om de competitie in de rating markt te verhogen.

Meer spelers in de rating markt geeft aanleiding tot een daling van het belang dat credit raters hechten aan een goede reputatie, waardoor de kwaliteit van de credit ratings zal afnemen. Belangrijk hierbij is echter te weten dat verhoogde competitie ook voordelen met zich meebrengt. Zo zal er meer informatie beschikbaar zijn op de markt, waardoor investeerders een bredere keuze hebben en het mogelijk gemaakt wordt om ratings van verschillende agentschappen te vergelijken.

Bibliografie

Article 3(1) (a) Regulation (EC) 1060/2009 of the European Parliament and of the Council of credit rating agencies

Regulation 2003/125/EG of the European parliament and of the board, as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest

Regulation (EC) N° 1060/2009 of the European parliament and of the council of 16 September 2009 concerning credit rating agencies

Regulation (EU) N° 513/2011 an amendment to the CRA Regulation of 1 June 2011

Proposal for a regulation of the European parliament and of the council amending regulation (EC) N° 1060/2009 on credit rating agencies

The Technical Committee of the International Organization of Securities Commissions, Code of Conduct Fundamentals for Credit Rating Agencies, December 2004, 11p.

 

Text books and collections

Alcubilla, R. & Del Pozo, J. (2012). Credit Rating Agencies on the Watch List, Analsis of European Regulation. Oxford: University Press.

 

Brigo, D. & Mercurio, F. (2006). Interest rate models- theorie and practice: with smile inflation and credit. Berlijn: Springer.

 

Caprio, G. (2012). Handbook of Key Global Financial Markets, Institutions, and Infrastructure. New York: Academic Press.

 

Richard, S. (2002). Rating, rating agencies and the global financial system. New York: Publisher US.

 

Contributions in journals

 

Adelson, M. (2006). Rating shopping, now the consequences. ASR Daily 2006, 12-30.

 

Allen, F., Carletti, E. & Marquez, R. (2009).Credit market competition and Capital regulation. Oxford journals Economics and Social sciences, 983-1018.

 

Bannier, C. & Hirsch, C. (2010).The economic function of credit rating agencies: what does the watchlist tell us?. Journal of Banking & Finance, 3037-3049.

 

Becker, B. &  Milbourne, T. (2011).How did increased competition affect credit ratings?. Journal of Financial Economics,493-514.

 

Becker ,B. & Milbourne, T. (2011).Reputation and competition: evidence from the credit rating industry. Journal of Financial Economics, 493-514.

 

Boot, A. (2008).Credit ratingbureaus en de stabiliteit van de financiële sector. Maandblad voor accountancy en Bedrijfseconomie, 227-234.

 

Boot, A. (2006).De toegevoegde waarde van credit ratings. the review of financiel studies, 11-18.

 

Bruyninckx, T. (2008).Rating agencies: inhoud, regelementering en aansprakelijkheid. Jura Falconis, 75-98.

 

Cantor, R. & Packer, F. (1994).The credit rating industry.Federal Reserve Bank of New York Journal Quarterly review, 1-26.

 

De Haan, J. &  Amtenbrink, F. (2009).Regulating Credit Rating Agencies in the European Union: A Critical First Assessment of Regulation 1060/2009 on Credit Rating Agencies. Common market law review, 15–49.

 

Deryn, D. (2009).Credit Rating Agencies and the Credit Crisis: How the Issuer Pays Conflict Contributed and What Regulators Might Do about It. Columbia Business Law Review, 607- 633.

 

Donkers, K. (2010).Credit rating agencies: informative-asymmetrie en civielrechtelijke aansprakelijkheid.Maandblad voor accountancy en bedrijfseconomie, 506-515.

 

Fried, J. & Howitt, P. (1980).Credit rationing and implicit contract theory.Journal of money, credit and banking, 463-471.

 

Gerrits, A. (2011).Amerikanen uit hun droom gewekt.De Telegraaf, 8-12.

 

Greenwood, J. (2012).Move over S&P, Moody’s :make way for Wikirating. Financial Post, 12-38. Geraadpleegd via: http://business.financialpost.com/2012/01/26/move-over-sp-moodys-make-w….

 

Hunt, J.P. (2009).Credit Rating Agencies and the 'Worldwide Credit Crisis': The Limits of Reputation, the Insufficiency of Reform, and a Proposal for Improvement. Columbia Business Law Review, 109-209.

 

Jiang, J. et al. (2012).Does it matter who pays for bond ratings? Historical evidence. Journal of Financial Economics, 607-621.Geraadpleegd via http://dx.doi.org/10.1016/j.jfineco.2012.04.001

 

Jorion, P. (2005).Informational effects of regulation FD: Evidence from rating agencies.Journal of financial economics, 309-330.

 

Kudva, R (2010).Issuer-pays model ensures ratings are available to the entire market. The economic times,6-8.

 

Leenaars, H. (2003).Risicomanagement van banken. Maandblad voor accountancy en bedrijfseconomie, 346-347.

 

Mathis, J., Mcandrews, J. & Rochet, J.C. (2009). Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?.Journal of monetary economics, 657- 674.

 

Partnoy, F. (1999).The Siskel and Ebert of Financial Markets? Two Thumbs Down for the Credit Rating Agencies.Washington University Law Quarterly 77, 619-712.

 

Packer, F. & Cantor, R. (1995).The credit rating industry. The journal of fixed income, 10-34.

 

Sommer, A.A. (1996).IOSCO, Its mission and achievement. Northwestern University School of Law Northwestern Journal of International Law & Business, 15-27.

 

Skreta,V. & Veldkamp, L. (2009).Ratings shopping and asset complexity: A theory of assets inflation. Journal of monetary economics, 678- 695.

 

Tang, T. (2008).Information asymmetry and firms’ credit market access: Evidence from Moody’s credit rating format refinement. Journal of financial economics, 325-351.

 

White, L.J. (2010).Markets: The credit rating agencies. Journal of economic perspectives, 211-226.

 

White, L.J. (2009).The Credit-rating Agencies and the Subprime Debacle. Critical Review 21 no. 2-3, 389–399.

 

White, L.J. (2010). The Credit Rating Agencies: How Did We Get Here? Where Should We Go? . Journal of Economic Perspectives, 21-33.

 

Wolfson, J. & Crawford, J. (2010).Lessons From The Current Financial Crisis: Should Credit Rating Agencies Be Re-Structured?. Journal of Business & Economics Research, 82-115.

 

Bar-isaac, H. & Shapiro, J. (2010). Ratings quality over the business cycle (working paper NYU and University of Oxford), 30p.

 

Becker, B. & Milbourne, T.(2010).How did increased competition affect credit ratings? (Working paper Harvard Business School), 49p.

 

Camanho, N., Deb, P. & Liu, Z. (2012).Credit rating and competition (Financial Markets Group London School of Economics and Political Science), 44p.

 

Cohen, A. (2011).Rating shopping in the CMBS market (Federal Reserve board paper), 40p.

 

Deb, G. & Murphy, G. (2009).Credit Rating Agencies: An Alternative Model (London School of Economics and Financial Markets Group and Bank of England), 12p.

 

De Haan, J.& Amtenbrink, F. (2011).Credit rating agencies (De Nederlandsche Bank Working paper), 42p.

 

European Commission. (2010).Public Consultation on Credit Rating Agencies (Working paper).

 

 

Fennell, D & Medvedev, A. (2011). An economic analysis of credit rating agency business models and ratings accuracy (Financial Services Authority Occasional paper), 24p.

 

 

Frost, C.A. (2006). Credit rating agencies in capital markets: A review of research evidence on selected criticisms on the agencies (working paper University of North Texas) 45p.

 

Hamilton, D. (2004). Rating transitions and defaults conditional on watchlist, outlook and rating history (Working paper Moody’s analytics New York) 24p.

 

Hill, C. (2004).Regulating the rating agencies (American law and economics association annual meetings), 54p.

 

Huang, Z.,Chen, H., Hsu, C., Chen, W. &Wu, S. (2004).Credit rating analysis with support vector machines and neural networks: a market comparative study (working paper from the university of Arizona), 558p.

 

Mathis, J. (2009).Rating the raters: Are reputation concerns powerful enough to discipline rating agencies? (Working paper Toulouse school of economics), 12p.

 

Partnoy, F. (2006).How and why credit rating agencies are not like other gatekeepers (working paper University of San Diego School of Law), 45p.

 

Pragyan, D. (2012). Essays on the impact of competition on financial intermediaries (working paper of the finance department of the London school of economics for the degree of doctor philosophy), 135p.

 

Sangiorgy, F., Sokobin, J.& Spatt, C. (2009).Credit rating shopping, selection and the equilibrium structure of ratings (working paper Stockholm school of economics), 42p.

 

Schultz-larsen & T., Hasling kyed, J. (2012).The market for credit ratings: Competition and misalignment of interests (working paper department of economics, University of Copenhagen), 36p.

 

Seaborn, P. (2010).Business models and incentives in rating markets: how 'who pays' matters (Working paper Rotman School of Management) ,18p.

 

 

Sweeney, E. (2010).An Examination of How Investor Needs are Served by Various Ratings Business Models: Ensuring Analytical Independence and Freedom from Conflicts of Interest at Credit Rating Firms (Standard's & Poors White paper,  New York),8p.

 

 

U.S. Securities and Exchange Commission (2003).Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Markets, As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002 (working paper ), 45p.

 

U.S. Securities and Exchange Commission (2012). Report to Congress on Assigned Credit Ratings, As Required by Section 939F of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 83p.

 

U.S. Securities and Exchange Commission, Speech by SEC Commissioner: Remarks at the Commission Open Meeting, by Commissioner Kathleen L. Casey, 3 December 2008, http://www.sec.gov/news/speech/2008/spch120308klc.htm.  

 

U.S Securities and Exchange Commission, Speech by SEC commissioner: Remarks to the institute of international bankers by SEC commissioner Paul S. Atkins, 3 maart 2008, www.sec.gov/news/speech/2008/spch030308psa.htm

 

U.S Securities and Exchange Commission, Summary Report of Commission Staff’s Examinations of  Each Nationally Recognized Statistical Rating Organization, As Required by Section 15E(p)(3)(C) of the Securities Exchange Act of 1934, November 2012, 22p.

 

Sites

 

http://www.moodys.com [27/02/2013]

 

http://multiple-markets.com/3ratingschart.htm [12/11/2012]

 

http://www.law.cornell.edu/cfr/text/17/240.15c3-1  [08/03/2013]

 

http://www.sec.gov/news/speech/2008/spch030308psa.htm [08/03/2013]

 

http://www.fitchratings.com [12/11/2012]

 

http://www.standardandpoors.com [12/11/2012]

 

http://www.wikirating.org [08/03/2013]

 

www.wikirating.org/wiki/Wikirating:Stats [09/03/2013]

Directive 2003/6/EC of the European Parliament and of the council of 28 January 2003 on insider dealing and market manipulation

 

Directive 2006/48/ec of the European Parliament and of the council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions

 

 

Directive 2006/49/EC of the European Parliament and of the council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast)

 

Paragraaf 9 Regulation N° 1060/2009 on credit rating agencies

Paragraaf 11 Regulation N° 1060/2009 on credit rating agencies

Artikel 41 Regulation N° 1060/2009 on credit rating agencies

Paragraaf 2 Regulation N° 1060/2009 on credit rating agencies

Paragraaf 43 Regulation N° 1060/2009 on credit rating agencies

Paragraaf 11 Regulation N° 1060/2009 on credit rating agencies

Paragraaf 22 Regulation N°1060/ 2009 on credit rating agencies

Artikel 2 Regulation N°1060/ 2009 on credit rating agencies

Paragraaf 26 Regulation N°1060/ 2009 on credit rating agencies

Artikel10 Regulation N°1060/ 2009 on credit rating agencies

Paragraaf 25 Regulation N°1060/ 2009 on credit rating agencies

Paragraaf 27 Regulation N°1060/2009 on credit rating agencies

Paragraaf 29 point 13 section III commission recommendation 2005/162/EC on the role of non-executive or supervisory directors of listed companies

Paragraaf 30 Regulation N° 1060/2009 on credit rating agencies

Artikel 7 N°1060/2009 on credit rating agencies

Paragraaf 35 Regulation N°1060/2009 on credit rating agencies

Paragraaf 58 Regulation N°1060/2009 on credit rating agencies

Paragraaf 6 Regulation N° 513/2011 on credit rating agencies

Regulation (EU) N° 513/2011 of 11 May 2011amending Regulation (EC) N° 1060/2009 on credit rating agencies

Regulation N° 2011/0361 amending regulation N°1060/2009 on credit rating agencies

Artikel 5 proposal N° 2011/ 0361 on credit rating agencies

Artikel 8(5a) proposal N° 2011/ 0361 on credit rating agencies

Artikel 8(6)(aa) proposal N° 2011/ 0361 on credit rating agencies

Artikel 22a(3) proposal N°2011/0361 on credit rating agencies

Artikel 5a proposal N° 2011/ 0361 on credit rating agencies

Artikel 8b proposal N° 2011/0361 on credit rating agencies

Artikel 6b proposal N° 2011/ 0361 on credit rating agencies

Paragraaf 13 proposal N° 2011/ 0361 on credit rating agencies

Paragraaf 23 proposal 2011/0361 on credit rating agencies

Paragraaf 7 proposal 2011/ 0361 on credit rating agencies

Paragraaf 24-27 proposal 2011/0361 on credit rating agencies

Artikel 35a proposal 2011/0361 on credit rating agencies

 

Financial service action plan

 

Capital Requirements Directive (CRD 2010/76/EU)

Artikel 84 CRD 2010/76/EU

Artikel 86 CRD 2010/76/EU

Artikel 87 CRD 2010/76/EU

Artikel 80 CRD 2010/76/EU

Artikel 81 CRD 2010/76/EU

Artikel 78 CRD 2010/76/EU                                     

Artikel 84 CRD 2010/76/EU

Artikel 84 CRD 2010/76/EU

Annex VII CRD 2010/76/EU

 

Market Abuse Directive (MAD 2003/6)

Artikel 1 MAD

Paragraaf 11 MAD

Artikel 6.5 MAD

 

Markets in Financial Instruments Directive (MiFID 2004/39/EU)

 

Code of Conduct Fundamentals for Credit Rating Agencies, The Technical Committee of the International Organization of Securities Commissions, December 2004

 

Artikel 2 van  Besluit ECB/2011/17 van de Europese Centrale Bank houdende de tenuitvoerlegging van het tweede programma voor de aankoop van gedekte obligaties

 

Rechtsleer

Handboeken en verzamelwerken

 

Faber, N.E.D.,De kredietcrisis,Nederland, Kluwer, 2010, 246p.

Helleiner, E., Global finance in crisis, the politics of international regulatory change, Canada, Routledge, 2010, 194p.

Langohr, H., Langohr, P., The rating agencies and their credit ratings: What they are, how they work and why they are relevant, England, John Wiley and sons, 2010, 524p.

Richard, S., Rating, rating agencies and the global financial system, New York, Publisher US, 2002, 41p.

White, L.J., Ratings, rating agencies and the global financial system, New York, Springer US, 2002, 63p.

 

 

 

Bijdragen in tijdschriften

 

Amtenbrink, F. and De Haan, J., “Regulating Credit Rating Agencies in the European Union: A Critical First Assessment of Regulation 1060/2009 on Credit Rating Agencies”, Common market law review 2009,15–49.

 

Benink, H.A., “Issues inzake Basel II”, Maandblad voor accountancy en bedrijfseconomie (MAB) 2005, 33-40.

Bhankot, K., Mello, A., “Should corporate debt include a rating trigger?, Journal of financial economics 2006, 69-98.

 

Boot, A., “De toegevoegde waarde van credit ratings”, the review of financiel studies 2006, 9-18.

 

Bruyninckx, T., “Rating agencies: inhoud, regelementering en aansprakelijkheid”, Jura Falconis 2008, 75-98.

 

Cantor, R. and Packer, F., “The credit rating industry”, Federal Reserve Bank of New York Journal Quarterly review 1994, 1-26.

 

Boot, A., “Credit ratingbureaus en de stabiliteit van de financiële sector”, Maandblad voor accountancy en Bedrijfseconomie 2008, 227-234.

 

Crabbe, L., Post, M., “The effect of a rating downgrade on outstanding commercial paper”, The journal of finance 2012, 39-56.

 

Donkers, K., Duffheus, P.J.W. EN Weterings, W.C.T., " Credit Rating Agencies: Informatie-asymmetrie en civiele aansprakelijkheid", Maandblad voor Accountancy en Bedrijfseconomie 2010, 506-515.

 

Duff, A., Einig, S., “Credit ratings quality: the perceptions of market participants and other interested parties”, The British accounting review 2009, 141- 153.

 

Brunsden, J., “EU proposes tougher regulation for credit rating companies”, Bloomberg Business week 2011, 2-9.

 

Gordy, M., “ A risk factor model foundation for ratings-based bank capital rules”,  Journal of financial intermediation 2003, 199-232.

 

Hazeu, C.A.,  “De crisis, de bank en de wet”,  Tijdschrift voor openbare financiën 2011, 2-11.

 

Hunt, J.P.,” Credit Rating Agencies and the 'Worldwide Credit Crisis': The Limits of Reputation, the Insufficiency of Reform, and a Proposal for Improvement”, Columbia Business Law Review 2009, 109-209.

 

Kudpa, R., “issuer-pays model ensures ratings are available to the entire market”, The economic times 2010,6-8.

 

Leenaars, H., “Risicomanagement van banken”, Maandblad voor Accountancy en Bedrijfseconomie 2003, 8.

 

 

Mathis, J., Mcandrews, J., Rochet, J.C., “Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?”, Journal of monetary economics 2009, 657- 674.

 

Mullard, M., “The credit rating agencies and their contribution to the financial crisis”, The policical quarterly 2012, 77-95.

 

Oster, J., “Who Rates the Raters? The Regulation of Credit Rating Agencies in the EU”,  The economist 2010, 353–76.

 

Partnoy, F., “The Siskel and Ebert of Financial Markets? Two Thumbs Down for the Credit Rating Agencies.”, Washington University Law Quarterly 77 1999, 619-712.

 

Sommer, A., “IOSCO, Its mission and achievement”, Northwestern University School of Law Northwestern Journal of International Law & Business 1996, 15-27.

 

Staikuras, P., “A theoretical and empirical review of the EU regulation on credit rating agencies: In search of truth, not scapegoats”, Financial markets, institutions and instruments 2012, 71- 155.

 

White, L., “The credit rating agencies”, Journal of economic perspectives 2010, 211-226.

 

Wetenschappelijke literatuur

 

Amadou, N., The systemic regulation of credit rating agencies and rated markets, Senegal, 2009, 36p.

 

Bahena, A., What role did credit rating agencies play in the credit crisis?, University of Iowa, Center for international Finance and Development 2010, 21p.

 

Carpenter, S., Whitesell,W., Zakraj, E., Capital Requirements, Business Loans, and Business Cycles: An Empirical Analysis of the Standardized Approach in the New Basel Capital Accord , working paper of the Board of governors of the federal reserve system, 2001, 48p.

 

Covitz, D., Harrison, P., Testing conflicts of interest at bond rating agencies with market anticipation: evidence that reputation incentives dominate, working paper, Division of Research and Statistics, Washington, 2003, 37p.

 

Das, S., Sy, A., How risky are banks’ risk weighted assets? Evidence from the financial crisis, IMF working paper, Cornell University, Department of economics, 2012, 38p.

 

Holmquist, J., Implementation of Basel II: Challenges and opportunities, Institute of International Bankers 2007, 21p.

Neijs, P., De toegevoegde waarde van ratinginstituten ter discussie, working paper universiteit van Tilburg, 2010, 75p.

 

Partnoy, F., How and why credit rating agencies are not like other gatekeepers, University of San Diego School of Law, 2006, 45p.

 

Kronwald, C., Credit rating and the impact on corporate structure, Duitsland, 2009, 27p.

 

Smant, D., Van Der Ent, J.P., Credit rating en kapitaalmarkt: Feiten,verklaringen en ontwikkelingen van rating in Europa, Financiele en Monetaire Studies, Rotterdam, 1994, 70p.

 

Steele, S.,SECURITIES AND EXCHANGE COMMISSION, A review of implementation of  the IOSCO code of conduct fundamentals for credit rating agencies, paper of the technical committee of the international organization of securities commissions 2009, 17p.

 

Strobl, G., Xia, H., The issuer pays rating model and ratings inflation: evidence from corporate credit ratings, working paper Business School, University of North Carolina, 2011, 41p.

 

Sy, A., The systemic regulation of credit rating agencies and rated markets, IMF working paper, 2009, 33p.

 

Utzig, F., The financial crisis and the regulation of credit rating agencies: A European banking perspective, working paper Asian Development Bank Institute 2010, 26p.

 

Taytas, F., Basel II en de gevolgen voor het management van de banken, working paper of the University of Twente, 2008, 28p.

 

Van Der Ent, J.P., Smant, D., Credit rating en kapitaalmarkt: feiten, verklaringen en ontwikkelingen van rating in Europa, Financiele en monetaire studies 1993, 70p.

 

Van Roy, P., The impact of the 1988 Basel Accord on banks’ capital ratios and credit risk taking : an international study, working paper  National Bank of Belgium,  2005, 12p.

 

 

 

 

websites

 

http://www.eur-lex.europa.eu [08/11/2012]

http://www.law.yale.edu/documents/pdf/cbl/Partnoy_Overdependence_Credit.pdf [08/11/2012]

http://europa.eu [12/02/2013]

http://stats.oecd.org [28/02/2013]

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http://www.bis.org [08/11/2012]

http://www.eba.europa.eu [5/03/2013]

http://www3.ambest.com [22/03/2013]

http://www.iosco.org [08/11/2012]

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http://www.fsma.be [04/04/2013]

http://ec.europa.eu/internal_market/consultations/2010/cra_en.htm.[12/0…]

 

 

 

 

Universiteit of Hogeschool
Economie, recht en bedrijfskunde
Publicatiejaar
2013
Kernwoorden
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