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- W1536322657 abstract "We examine the assertion that ratings from the ratings agencies that explicitly assume governmental support for Global Systemically Important Banks (G-SIBs) translate into lower spreads and a funding cost advantage for those G-SIBs. We analyze whether the market over the past 14 years in fact has priced U.S. bank holding company bonds, credit default swaps, and equity based on issuer ratings that assume such support; we do so by comparing market implied ratings to issuer ratings. We observe for G-SIBs that market implied ratings are 2-3 notches more conservative than issuer ratings. In comparison, we find that for non-G-SIBs that the market implied ratings are closer to the issuer ratings. We also note that the market implied ratings for G-SIBs track the standalone, unsupported ratings more closely than they do the ratings which have built-in implicit government support and thus we conclude that market data discounts the notion of government support for G-SIBs." @default.
- W1536322657 created "2016-06-24" @default.
- W1536322657 creator A5054194701 @default.
- W1536322657 date "2013-01-01" @default.
- W1536322657 modified "2023-09-27" @default.
- W1536322657 title "Credit Ratings as Indicators of Implicit Government Support for Global Systemically Important Banks" @default.
- W1536322657 doi "https://doi.org/10.2139/ssrn.2272800" @default.
- W1536322657 hasPublicationYear "2013" @default.
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