Search or add a thesis

Advanced Search (Beta)
Home > The Role of Credit Rating Agencies in the European Financial Markets

The Role of Credit Rating Agencies in the European Financial Markets

Thesis Info

Access Option

External Link

Author

Riaz, Yasir

Program

PhD

Institute

Lahore University of Management Sciences

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11458/1/Yasir%20Riaz%20management%202019%20lums%20lhr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725127428

Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

Join our Whatsapp Channel to get regular updates.

Similar


This thesis investigates the role of Credit Rating Agencies (CRAs) in European financial markets. Traditional activities of CRAs include information supply, certification, and monitoring services for corporations and rating sovereign debt. Any change in the opinion of CRAs on the sovereign debt has strong implications on the financial markets and the real economy. This thesis contributes to literature by investigating: (i) the effect of sovereign rating and outlook changes on the shape of the sovereign yield curve; (ii) the impact of sovereign rating and outlook changes on stock markets at different levels of business cycle; (iii) the effect of financial liberalization on the growth in sovereign ratings; and (iv) the impact of sovereign rating and outlook instability on the access to credit by firms.In order to properly investigate these research questions, we employ a variety of pertinent statistical and econometric tools as required in every chapter. These techniques include but are not limited to state space modelling, vector autoregressions, maximum likelihood estimations, Kalman filter approach, generalized method of moments, and limited dependent variable methods. Findings of this thesis reveal, inter alia, that sovereign rating and outlook announcements play an important “confirmation role” in the financial markets; however, the extent of the effect depends on the announcement type, CRA specificity, kind of market and country characteristics. Specifically, the second chapter shows a significant effect of rating downgrades and an insignificant effect of rating upgrades on the sovereign yield curve; however, we observe mixed results for the effect of changes in outlook status of a sovereign country. The third chapter identifies that stock markets react more negatively to rating downgrades in recovery phases and more positively to rating upgrades in the contractionary period. However, we do not find any evidence of a pro-cyclical effect of sovereign rating and outlook change on stock returns. The fourth chapter indicates a positive impact of financial liberalization on sovereign ratings, and we show that we cannot reject the hypothesis that financial stability is iv independent of financial liberalization. Moreover, we show in this chapter that sovereign ratings tend to be stable and persistent, otherwise. The fifth chapter suggests a significant negative effect of sovereign rating and outlook instability on the access to credit by firms. The last chapter concludes the thesis with implications of these findings for understanding the role of rating agencies in financial markets, policymaking, designing regulations and for investors and firm owners, both in developing and developed economies
Loading...
Loading...

Similar Books

Loading...

Similar Chapters

Loading...

Similar News

Loading...

Similar Articles

Loading...

Similar Article Headings

Loading...

66. Al-Tahreem/The Prohibition

66. Al-Tahreem/The Prohibition

I/We begin by the Blessed Name of Allah

The Immensely Merciful to all, The Infinitely Compassionate to everyone.

66:01
a. O The Prophet!
b. Why should you prohibit for yourself that Allah has allowed to you just to please your wives?
c. Allah is Ever-Forgiving, Ever-Merciful.

66:02
a. Allah has already prescribed a way regarding the absolution of your oaths.
b. And Allah is your Protector, and
c. HE is the All-Knowing, the All-Wise.

66:03
a. And when The Prophet confided a matter to one of his wives, then she disclosed it to another and Allah made it known to him – The Prophet.
b. He made some of it known to her and passed over some of it.
c. So when he told her of it, she asked:
d. ‘Who told you of this?’
e. He responded:
f. ‘The All-Knowing, the All-Wise told me.’

66:04
a. If both of you would repent to Allah it will be good for you as your hearts are inclined towards it.
b. But if you both would support each other against him – The Prophet - then it is Allah WHO is his Protector, and so are Gabriel and the righteous among the believers, and also the angels, are his supporters.

66:05
a. O Wives of The Prophet!
b. It may well be that if he were to divorce you all, then his Rabb - The Lord would give him wives in your place - better than you: submitting, believing, dutiful, repentant, worshiping, devout - previously married as well as virgins.

66:06
a. O The Faithful!
b. Guard yourselves and your families from...

تفسیر نجوم الفرقان کے فقہی طرز استدلال کا تجزیاتی مطالعہ

The jurisprudence is the essence of Islamic teachings. It is the summary of Qurʼān and the soul of Messenger’s (on whom be peace and greetings) sunnah. In general, it represents the sharīaʻh and the path to follow for Islamic lifestyle. Therefore, the significance of its importance is clear in Islamic Studies. The scholars have been kept solving ummah problems through religious principles and will keep solving the problems till the day of judgement. Whenever there arises a new problem, the scholars provide the solution in the lights of Qurʼān and Hadith and set the rules till the day of judgement. Allama ʻAbdul Razzāq Bhutrālwī also presented the solutions to different problem using the same principle i.e. He interprets a Quranic verse in such a way that provide the implied solution for paying ransom to poor against fasting for traveler and patient. Allama ʻAbdul Razzāq Bhutrālwī discussed about the permission for women to visit graveyard by following the orders of Prophet (on whom be peace and greetings), when it was prohibited for everyone to go to graveyards but later on the permission was granted for the same act. In the same way Allama ʻAbdul Razzāq Bhutrālwī presented his argument about the burning or sinking into the water or burying the shabby pages the Holy Qurʼān based on an order of Hazrat Uthman Ghani to burn all the copies of the Holy Qurʼān except Qurat-e-Quraish to bring uniformity

Appraisal of Ajuga Bracteosa Wall. Ex Benth. As a Promising Natural Source of Bioactive Leads

The traditional plants occupy fundamental place for the fulfillment of healthcare needs in developing countries. The current study was aimed to purify and characterize bioactive leads from a medicinal folklore, Ajuga bracteosa Wall. ex Benth. Initially, total fifteen extracts were prepared from dried powdered plant material in different solvent systems using ultra sonication aided maceration. These extracts were evaluated to reconnoiter phytochemical and biological (i.e., antioxidant, antimicrobial, cytotoxic and enzyme inhibitory) attributes. Existence of huge amounts of polyphenols was confirmed in methanol extract (via RP-HPLC analysis) along with highly promising antioxidant and protein kinase inhibitory activities and moderate α-amylase inhibitory, antileishmanial and cytotoxic potential. Therefore, methanol was selected as the most suitable solvent for bulk extraction. Afterwards, the preparative extract (ABCM) was partitioned through solvent-solvent extraction and the resultant main fractions (i.e., ABH, ABE and ABW) were processed through various chromatographic procedures by simultaneously gauging their activities against antioxidant, enzyme inhibitory and cytotoxic assays. AB1 was isolated from its ABH fraction with prominent α-amylase inhibitory activity (IC50 119.4±0.22 µg/ml). AB2, AB3, AB4 and AB5 were isolated from ABE fraction. AB2 gave moderate protein kinase inhibitory potential (i.e., 7.67±0.58 mm bald zone of inhibition). AB3 and AB4 manifested good cytotoxic potential (with LC50 111.52±0.24 and 78.56±0.53 µg/ml respectively) while AB4 also showed good free radical scavenging (with IC50 10.4±0.32 µg/ml) and α-amylase inhibitory potential (with IC50 134±0.56 µg/ml). Magnificent total antioxidant and reducing activities (i.e., 182.8±0.72 and 760.12±0.64 µg AAE/mg compound respectively) were shown by AB5. The ABW fraction resulted in AB6 with moderate cytotoxic potential (with LC50 183.42±0.57 µg/ml). X-ray crystallographic and spectroscopic studies characterized AB1, AB2, AB3, AB4, AB5 and AB6 as 2, 3dihydroxy propyl palmitate, ajugarin I, apigenin, luteolin, ajugarin VI and 8-Oacetylharpagide respectively. In vivo activities including antiinflammatory, analgesic, antidepressant and anticoagulant were designed for further confirmation of the above said activities at compound level. The results revealed high dose (HD, 20 mg/kg) of AB2, AB3 and AB6 to be potent antiinflammatory agents with values ranging between 70-90% edema inhibitions. AB1, AB2 and AB6 showed excellent analgesic behavior with > 90% increment in pain threshold whereas HD and LD (low dose, 10 mg/kg) of AB2 showed maximum antidepressant activity in the range of 90-100 seconds. The remarkable anticoagulant profile (with 143±4.77 seconds for blood coagulation) was shown by HD of AB6. On the basis of previous hepatoprotective reports from the subject plant, the most abundant compound, AB2 was selected for confirmation of hepatoprotective and renoprotective aspects using in vivo CCl4 toxicity model. Endogenous antioxidants i.e. superoxide dismutase, catalase, peroxidase, glutathioneS-transferase and reduced glutathione were revitalized with HD (4 mg/kg) of AB2 exhibiting the activity levels of 4.54±0.39, 4.22±0.41 and 9.02±0.79 U/min, 18.97±1.79 nM/min/mg protein and 20.3±1.7 nM/mg protein respectively. Reduced serum levels of hepatic as well as renal markers i.e. alanine transaminase, aspartate transaminase, alkaline phosphatase (with 43.7±0.21, 37.2±0.13 and 201.3±0.029 U/l respectively), urea and creatinine (with 24.07±0.19 and 0.98±0.11 mg/dl respectively) were observed with HD of AB2. The lipid profile also showed ameliorative effects for serum triglycerides and cholesterol (i.e., 104±0.34 and 147.2±0.03 mg/dl respectively) at HD. Abnormalities in histoarchitecture of both the organs were curbed by HD of the compound indicating its regenerative properties. In principle, the aforementioned findings endorses A. bracteosa as a substantial source of bioactive leads with marvelous pharmacological spectrum.