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Cambridge Finance Workshop - Joel Shapiro

Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
When Feb 19, 2015
from 01:00 PM to 02:00 PM
Where 10 Trumpingron Street (lower ground floor)
Contact Name
Contact Phone 01223768129
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Joel Shapiro is Associate Professor of Finance at Saïd Business School, University of Oxford. His main area of expertise is the regulation and governance of financial institutions. He has conducted research on Credit Rating Agencies, executive compensation, LIBOR, and conflicts of interest in retail finance.

Joel will present “Credit Ratings and Structured Finance”.

The poor performance of credit ratings on structured …finance products has prompted investigation into the role of Credit Rating Agencies (CRAs) in designing and marketing these products. We analyze a two-period reputation model where a CRA both designs and rates securities that are sold to different clienteles: un-constrained investors and investors constrained by minimum quality requirements.When quality requirements for constrained 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 pooling assets derives from tailoring to clienteles and from reputational incentives.

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