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gongyin · 2021年11月24日

pressure from the originators

NO.PZ2020033003000090

问题如下:

According to the findings of the congressionally formed Financial Crisis Inquiry Commission, which of the following not a the root causes of the misalignment between investors and rating agencies prior to the credit crisis of 2007-2009?

选项:

A.Rating agencies are lack of resources to conduct the proper due diligence

B.

Pressure from the originators

C.

Lack of meaningful public oversight over rating agencies

D.

Investors have little understanding of the products they were purchasing.

解释:

D is correct.

考点:misalignment between investors and rating agencies

解析:

According to the findings of the congressionally formed Financial Crisis Inquiry Commission, the root causes of the misalignment were

1). the flawed computer models at the rating agencies

2). the profit motive of the rating agencies

3). pressure from the originators (选项B)

4). the drive for market share coming from the rating agencies

5). the rating agencies lack of provided (not available) resources to conduct the proper due diligence (选项A)

6). the absence of meaningful public oversight (选项C)

7). originators manufactured the securitized products to specifically arrive at a rating given their acquired knowledge of the rating agencies’ decision flow charts

请问(B)pressure from the originators 这个怎么解释?

1 个答案
已采纳答案

李坏_品职助教 · 2021年11月24日

嗨,努力学习的PZer你好:


题干问的是投资人和评级机构之间的矛盾,不是由哪一项引起的?


B里面说的originators是发债人,B的意思是发债人的施压。发债人在发行了MBS之后,会聘请Rating agency来评级。rating agency的报酬是发债人决定的,所以这些Rating agency倾向于给MBS虚高的评分,这就会对investor造成误导。所以B是一项重要原因。

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努力的时光都是限量版,加油!

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