The Use of Credit Ratings in the Delegated Management of Fixed Income Assets

被引：0
|
作者：
Baghai, Ramin P. [1 ,2 ,3 ]
Becker, Bo [1 ,2 ,3 ]
Pitschner, Stefan [4 ]
机构：
[1] Stockholm Sch Econ, SE-11383 Stockholm, Sweden
[2] European Corp Governance Inst, B-1000 Brussels, Belgium
[3] Ctr Econ Policy Res, London EC1V 0DX, England
[4] CUNY Queens Coll, Business Sch, Queens, NY 11367 USA
来源：
MANAGEMENT SCIENCE | 2024年 / 70卷 / 05期
关键词：
credit ratings; investment mandates; delegated asset management; financial crisis; AGENCIES; SHARE;
D O I：
10.1287/mnsc.2023.4848
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Investment mandates of fixed income funds constrain managers' portfolio decisions, often employing credit ratings to classify asset risk. We categorize U.S. and European fixed income funds' mandates using textual analysis and measure the use of ratings. Over the past two decades, despite the weaknesses of ratings revealed in the global financial crisis, ratings use has increased significantly. Since 2010, the fraction of funds not using ratings in any way has fallen by almost half in both the United States and Europe. By 2020, 94% of U.S. funds and 65% of European funds used ratings. These patterns fit agency based models of investment mandates and point to a lack of practically useful alternatives.
引用
收藏
页码：3059 / 3079
页数：22
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