'Information as a Condition of Justice in Financial Markets: The Regulation of Credit-Rating Agencies
In Lisa Maria Herzog (ed.), Just Financial Markets? Finance in a Just Society. Oxford: Oxford University Press. pp. 250-270 (2017)
Add citationsYou must login to add citations.
The ethical practices of credit rating agencies, particularly following the 2008 financial crisis, have been subject to extensive analysis by economists, ethicists, and policymakers. We raise a novel issue facing CRAs that has to do with a problem concerning the transmission of epistemic status of ratings from CRAs to the beneficiaries of the ratings, and use it to provide a new challenge for regulators. Building on recent work in philosophy, we argue that since CRAs have different stakes than the beneficiaries (...)