This paper presents the concept of rating and the development process that leads to its publication. The rating agencies are analysed, explaining their history and the relationships they have with issuers and investors.The final chapter examines two factors that can influence rating judgments, namely momentum and lead-lag relationships. In particular, a review of the literature is conducted regarding these topics, exploring several quantitative studies related to these concepts.
In questo elaborato è presentato il concetto di rating e il processo di elaborazione che porta alla sua pubblicazione. Vengono analizzate le agenzie di rating, spiegando la loro storia e le relazioni che queste hanno con emittenti ed investitori. Il capitolo finale prende in esame due fattori che posso influenzare il giudizio di rating, quali momentum e relazioni lead-lag. In particolare viene fatta una rassegna della letteratura in riferimento a questi temi approfondendo alcuni studi quantitativi relativamente a questi concetti.
Il rating e il ruolo delle agenzie sul mercato
LAI, FABRIZIO
2023/2024
Abstract
This paper presents the concept of rating and the development process that leads to its publication. The rating agencies are analysed, explaining their history and the relationships they have with issuers and investors.The final chapter examines two factors that can influence rating judgments, namely momentum and lead-lag relationships. In particular, a review of the literature is conducted regarding these topics, exploring several quantitative studies related to these concepts.File | Dimensione | Formato | |
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Lai_Fabrizio.pdf
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https://hdl.handle.net/20.500.12608/68925