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  1. Investor-Paid Ratings and Conflicts of Interest.Leo Tang, Marietta Peytcheva & Pei Li - 2020 - Journal of Business Ethics 163 (2):365-378.
    The Securities and Exchange Commission (SEC) sanctioned investor-paid rating agency Egan-Jones for falsely stating that it did not know its clients’ investment positions. The SEC’s action against Egan-Jones raises the broad question whether knowledge of clients’ investment positions creates a conflict of interest for investor-paid ratings. In an experimental setting, we find that investor-paid rating agencies are likely to assign credit ratings that are biased in favor of their clients’ positions, and that this effect is attenuated when the rated company (...)
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  • Structured Finance and the Social Contract: How Tranching Challenges Contractualist Approaches to Financial Risk.Tobey Scharding - 2019 - Business Ethics Quarterly 29 (1):1-24.
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  • The Trust Triangle: Laws, Reputation, and Culture in Empirical Finance Research.Quentin Dupont & Jonathan M. Karpoff - 2020 - Journal of Business Ethics 163 (2):217-238.
    We propose a construct, the Trust Triangle, that highlights three primary mechanisms that provide ex post accountability for opportunistic behavior and motivate ex ante trust in economic relationships. The mechanisms are a society’s legal and regulatory framework, market-based discipline and reputational capital, and culture, including individual ethics and social norms. The Trust Triangle provides a framework to conceptualize the relationships between trust, corporate accountability, legal liability, reputation, and culture. We use the Trust Triangle to summarize recent developments in the empirical (...)
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  • Debt Issuer: Credit Rating Agency Relations and the Trinity of Solicitude: An Empirical Study of the Role of Commitment.Angus Duff & Sandra Einig - 2015 - Journal of Business Ethics 129 (3):553-569.
    Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulators and other commentators. These issues we term the credit ratings agency trinity of solicitude. We shed some light on this trinity by considering the unique relationship that exists between corporate borrowers and the CRAs they engage to rate their securities. The exchange relationships literature is (...)
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  • Securitization: A Financing Vehicle for All Seasons?Bonnie G. Buchanan - 2016 - Journal of Business Ethics 138 (3):559-577.
    Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as both a catalyst and a solution to the 2008 financial crisis. Once a popular method of financing the mortgage and consumer credit markets, aspects of the global securitization market are now struggling to revive. In this paper, I discuss the role that ethics played in securitization prior to the 2008 financial crisis and find that it is not an obvious story (...)
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  • Stakes Sensitivity and Credit Rating: A New Challenge for Regulators.Anthony Booth & Boudewijn de Bruin - 2019 - Journal of Business Ethics 169 (1):169-179.
    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 (...)
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