This thesis deals with changes in the Czech insurance market, especially in view of the consequences of the financial crisis, which caused a lot of changes. In this part of thesis is analyzed the price war, anti-discrimination directives and other important events. The following section is devoted to rating and both generally - term rating, description, rating process and rating of selected insurance companies. Specifically Česká pojišťovna a.s. and ČSOB pojišťovna a.s. and its changes over time. Then attention is focused on the development of regulation of rating agencies and the end of the work is devoted to future prognosis of the life and non-life insurance.

The implementation of International Accounting Standard 32 Financial Instruments: Disclosure and Presentation (lAS 32), International Accounting Standard 39 Financial Instruments: Recognition and Measurement (lAS 39) and International Financial Reporting Standard 7 Financial Instruments: Disclosures (IFRS 7) by developing countries has been met with mixed reactions largely due to the extensive use of the fair value concept by the three accounting standards. The use of the fair value concept in developing countries has proved to be a significant challenge due to either a Jack of formal capital market systems or very thinly traded capital markets. This study investigates the obstacles to determining fair values of equity share investments, government bonds and corporate bonds, treasury bills and loan advances in Mozambique. The study was done through a combination of literature review and empirical research using a questionnaire. The trading statistics of the financial instruments on the Mozambique Stock Exchange and the prospectuses of bonds were used. The empirical research was carried out using a type of non-probability sampling technique called purposive sampling. A subcategory of purposive sampling called expert sampling was used to select the eventual sample which was composed of people with specialised knowledge on the capital market system in Mozambique. The results of the empirical research were analysed using pie charts to summarise the responses. The research concluded that the Mozambique Stock Exchange is an inactive market for financial instruments characterised by thin trading in both equity shares and bonds. The estimation of fair values evidenced by observable market transactions is therefore impossible. The absence of credit rating agencies in Mozambique presents a significant challenge in assigning credit risk and pricing financial instruments such as bonds. The research also noted that significant volatility of the main economic indicators such as treasury bills interest rates and inflation made it difficult to determine fair values of financial instruments using financial modelling techniques. Due to the above obstacles to determining fair values of certain financial instruments in Mozambique, the best alternatives are to value these financial instruments at either cost or amortised cost. / Financial Accounting / M. Com. (Accounting)

Title: Credit Rating Impact on Information Environment – A study on the informational impact of credit ratings in financial markets using equity analysts’ performance as proxy. Introduction: The credit rating agencies provide risk assessment for a massive amount of financial assets around the world. These risk assessments are in turn used by numerous different market participants. The general idea behind this industry is that the credit ratings provide additional information or alternatively increase the quality of information in financial markets. Recent studies (most of which is written after the financial crisis of 2008) argue that there are several issues in the rating processes leading to failure to provide accurate ratings. Other studies still claim that credit rating agencies still provide useful information or alternatively increase the quality of information by sorting and ranking public knowledge of assets. We see the need for an investigating study examining the informational benefits of credit rating in the information environment of markets. Research Approach: How does the issuing of credit ratings impact the information environment in financial markets? Purpose: The study aim to contribute to the understanding of the current and historical effects that credit ratings have, and have had, on the information quality of markets and hence the efficiency of markets. Method: Our study takes a deductive research approach where the methodology is one of a quantitative and explanatory character. To analyze the effects on market information we use the BKLS model (Barron, Kim, Lim & Stevens, 1998), which uses equity analysts’ performance as proxy for the information environment. These data are then used in a long-term time-series study looking for long-term changes in analysts’ performance with yearly observations. Furthermore we test the instant market effects on stock prices from the issuing of a credit rating in a secondary short-term time-series study with daily observations. Conclusions: We find that the issuing of a credit rating in fact decreases the amount/quality of information available in financial markets (both public and private information). We contribute these effects to conflicts of interest in the rating processes and agency problems in the relationship between issuer and credit rating agency. Several practical examples of this are found such as ratings shopping, solicitation of ratings issuing, agencies offering consultant services and the lack of regulatory measures taken by regulators such as ESMA and SEC. We propose several ways of developing the research in this field; most importantly we want to see future studies on the differences between solicited/unsolicited issuing of ratings.

L’objectif de cette thèse doctorale est de contribuer à l’ensemble de la recherche sur les agences de notation. Elle couvre les trois aspects : théorique, conceptuel et empirique. La première partie se focalise sur le Néo-Institutionnalisme. Le Capitalisme d’État propre au marché chinois a été mis en avant, et un bilan comparatif a été dressé entre les marchés chinois et européens. Une analyse dynamique nous permet ensuite d’illustrer l’interaction des agences de notation avec les autorités régulatrices, les émetteurs de titres financiers, et les investisseurs. Dans la seconde partie, nous avons réalisé une vaste revue de la littérature, et proposé d’ajouter les spécificités institutionnelles chinoises aux variables déjà prises en compte dans les études. Au niveau de la méthodologie, certains outils qualitatifs et quantitatifs ont été envisagés. Diverses approches sont choisies en fonction du contenu de chacun des chapitres : le rôle, la stratégie et l’impact des agences de notation en Chine.Premièrement, par une approche comparative, nous avons montré qu'en Chine, le rôle des agences de notation ne se limitait pas à celui qui leur est habituellement assigné. Il semble aussi que les agences de notations se laissent tenter par le « rating shopping », le « split rating » et le « rating inflation », sous la pression des émetteurs. En revanche, les investisseurs sont relativement prudents lors de « multiples ratings ». Deuxièmement, nous avons mis en évidence que les agences de notation internationales ont tendance à noter plus strictement que les agences locales. Nous nous sommes rendu compte que les comportements stratégiques variaient d’une à l’autre, lorsque l’on étudie les déterminants des notations initiales des émetteurs. Troisièmement, en menant une étude d’événements sur le marché chinois des actions, nous avons trouvé des rendements anormaux significatifs sur quelques sous-échantillons des « modifications de notation », après avoir adopté différentes méthodes d’estimation, et mené divers tests paramétriques et non-paramétriques. Enfin, les analyses et résultats que nous avons apportés au cours de chaque chapitre empirique, ont enrichi en retour, nos discussions sur l’environnement institutionnel du marché chinois / In this Ph.D. thesis, we aim to contribute to the entire research on CRAs, with theoretical, conceptual and empirical aspects. We used the New-institutionalism as a theoretical frame of reference to justify the importance to have a good understanding of Chinese institutional characteristics. Chinese State-capitalism and Socialist-market economics, along with the interaction of CRAs with regulators, issuers and investors are devoted to setting the stage. We implemented various methodological approaches that seemed the most appropriate, on the sample that the most suitable, according to each of the objectives that we set, to better comprehend CRAs’ role, strategy and impact, under Chinese market context.Firstly, we found that CRAs were not expected to play “their main role” in assessing the credit default risk for market investment in China, as they are usually assigned to do so in Europe, and other developed countries. After running the frequency test, to register the words most used in the written regulatory and normative documents, we concluded that the expectation of roles of CRAs was also different in Continental China and in Hong Kong. At the expectation of issuers, CRAs also seem to play a role in rating “shopping”, in split rating, and even in rating inflation. Investors are very cautious to the multiple ratings. Secondly, by using logistic models, we found that global CRAs tend to rate more strictly than local CRAs, ceteris paribus. We also realized that the strategical behaviors of Chinese local CRAs are distinctive one from the other, when we studied the determinants “behind” initial issuer ratings. These findings confirmed the preliminary quantitative tests that we executed on the descriptive data. Thirdly, we failed to find informative impact of credit rating changes on the stock market, through a classic event study relying on the market model. Even if we refined the methodology by completing GARCH to OLS estimation model, and non-parametric tests to parametric tests, we only found significant outcomes in some subsamples, and for negative watch-lists.In the end, the analyses we led and the findings we reported from each of these empirical chapters have contributed to enrich, in return, our discussion of Chinese institutional characteristics

The implementation of International Accounting Standard 32 Financial Instruments: Disclosure and Presentation (lAS 32), International Accounting Standard 39 Financial Instruments: Recognition and Measurement (lAS 39) and International Financial Reporting Standard 7 Financial Instruments: Disclosures (IFRS 7) by developing countries has been met with mixed reactions largely due to the extensive use of the fair value concept by the three accounting standards. The use of the fair value concept in developing countries has proved to be a significant challenge due to either a Jack of formal capital market systems or very thinly traded capital markets. This study investigates the obstacles to determining fair values of equity share investments, government bonds and corporate bonds, treasury bills and loan advances in Mozambique. The study was done through a combination of literature review and empirical research using a questionnaire. The trading statistics of the financial instruments on the Mozambique Stock Exchange and the prospectuses of bonds were used. The empirical research was carried out using a type of non-probability sampling technique called purposive sampling. A subcategory of purposive sampling called expert sampling was used to select the eventual sample which was composed of people with specialised knowledge on the capital market system in Mozambique. The results of the empirical research were analysed using pie charts to summarise the responses. The research concluded that the Mozambique Stock Exchange is an inactive market for financial instruments characterised by thin trading in both equity shares and bonds. The estimation of fair values evidenced by observable market transactions is therefore impossible. The absence of credit rating agencies in Mozambique presents a significant challenge in assigning credit risk and pricing financial instruments such as bonds. The research also noted that significant volatility of the main economic indicators such as treasury bills interest rates and inflation made it difficult to determine fair values of financial instruments using financial modelling techniques. Due to the above obstacles to determining fair values of certain financial instruments in Mozambique, the best alternatives are to value these financial instruments at either cost or amortised cost. / Financial Accounting / M. Com. (Accounting)

The main aim of this diploma thesis is to analyze benefits of the establishment of the European Rating Agency. The partial aim is to determine the influence of the credit ratings on economics situation in selected European countries and to analyze problems of current credit rating industry. A slight impact of the credit ratings on the observed countries has been found by way of the analysis of evolution of the yields of ten-year government bonds and the prices of CDS contracts on these bonds. Non-perfect competition, weak transparency of the rating process and conflict of interest are considered as the most important problems of the credit rating agencies. By way of the analysis of the ability of the European Rating Agency to remove or at least to partially eliminate discussed problems has been found that the European Rating Agency would not be able to remove all problems of the credit rating industry. The uncertainty about the independence of the European Rating Agency is the biggest weakness of this agency. For this reason, we can't expect that the European Rating Agency would be able to make the credit rating process more efficient and improve the situation in the credit rating industry.

Les législations concernant les marchés financiers régissent non seulement les marchés, mais également les acteurs, les produits ainsi que les activités dans les marchés. En utilisant ces outils juridiques indispensables, les législateurs des deux côtés de l'Atlantique visent, entre autres, à protéger les investisseurs dont la confiance est primordiale pour les marchés, d'une part, et à diminuer les risques systémiques dont le déclenchement pourrait survenir dans un contexte financier de plus en plus globalisé, d'autre part. En effet, après la crise financière globale de 2008, les risques systémiques ont attiré davantage l'attention législative. À partir desdits objectifs que les législateurs veulent atteindre, nous essayons de trouver et analyser les particularités des législations concernées, tant en France ou dans l'Union européenne qu'aux États-Unis, en passant par la comparaison des dispositions législatives ou des initiatives législatives à travers l'Atlantique, avec la considération de l'évolution législative respective. Nous apportons aussi nos réflexions sur les insuffisances ou les déficiences à l’égard de mesures ou d’efforts législatifs pris en compte par les législateurs transatlantiques en vue de réaliser ces objectifs. Face à une crise financière sans précédent à nos jours, et donc à l'exigence d'une réaction législative active, appropriée, opportune et raffinée, il nous semble qu’il est le temps pour les législateurs en France, dans l'Union et aux États-Unis d'approfondir leurs connaissances sur des produits financiers en innovation sans cesse, de mieux adapter leurs stratégies législatives aux développement des activités financières et des entités finiancières, et de renforcer leurs coopérations et coordinations en profondeur dans le domaine de réglementation et supervision financière, et enfin, de mieux réaliser leurs buts poursuivis. / The legislations concerning financial markets govern not only the markets, but also the participants, the products and the activities as well in the markets. By using these indispensable legal tools, the legislators of both sides of Atlantic aim at, among others, protecting the investors whose confidence is of top priority to the markets, on the one hand, and reducing the systemic risk which would occur in a more and more globalised financial context, on the other. Indeed, after the global financial crisis of 2008, systemic risk has drawn more legislative attention. From the abovementioned objectives which the legislators would like to achieve, we try to find and analyze the particularity of the legislation concerned, both in France or in the European Union and in the USA, by way of comparison of legislative dispositions or legislative initiatives across the Atlantic, with the consideration about their respective legislative evolution. We also give our reflections on the insufficiencies or the deficiencies with regard to the legislative measures or efforts taken by the transatlantic legislators to realize those objectives. Facing the actual and unprecedented financial crisis, and thus a requirement of dynamic, appropriate, timely and refined legislative reaction, it seems to us that it is the time for legislators in France, in the EU and in the USA to deepen their knowledge about financial products of non-stop innovation, to better adapt their legislative strategies to the development of financial activities and financial entities, to reinforce their cooperation and coordination in depth and in width in the field of financial regulation and supervision, and finally, to better fulfill their pursuing goals.

L’oggetto del presente lavoro è rappresentato dall'esame del rapporto tra l'attuale regolamentazione delle agenzie di rating e le regole di responsabilità civile cui le stesse agenzie possono essere assoggettate, anche alla luce del trattamento normativo riservato alle agenzie di rating dalla legislazione e dalla giurisprudenza statunitensi e delle teorie sviluppate dalla dottrina sul tema della responsabilità da informazione inesatta al mercato. L’attuale regolamentazione introdotta dall'Unione Europea svolge un ruolo determinante sia sotto il profilo dell'individuazione del fondamento della responsabilità, sia sotto quello della ricostruzione degli obblighi, della diligenza e della causalità materiale e giuridica. La disciplina comunitaria, anche alla luce della giurisprudenza statunitense, consente di prospettare uno scenario in cui i rater sono soggetti a regole di responsabilità differenziate in ragione del diverso status riconosciuto dalla normativa rilevante. La nuova regolamentazione comunitaria è chiamata a svolgere il duplice ruolo di fondare una sorta di private action da inadempimento in capo a qualunque investitore nei confronti di un’agenzia registrata e di contribuire a definire il perimetro degli obblighi esigibili da parte dell’agenzia, rafforzando la posizione del terzo investitore danneggiato dal rating inesatto e fornendo un efficace supporto agli strumenti di tutela di tipo pubblicistico. / The present work is focused on the examination of the relationship between the current regulation of credit rating agencies and the rules of civil liability to which agencies may be subject to, in light of the regulatory treatment of the U.S. credit rating agencies, both according legislation and case law, and the legal theories developed on the case of liability for incorrect information to the market. The regulation introduced by the European Union plays a major role to find out the basis of liability, the duties of diligence and the legal and material causality nexus. EU regulation, in light of U.S. case law, can envisage a scenario in which the raters are subject to different rules of liability on the basis of the different status recognized by the relevant legislation. The new EU regulation is called to play a dual role: to establish, although not explicitly, a sort of private action for negligence on the part of investors against a registered agency, and to help in defining the scope of the obligations of the credit rating agency, strengthening the position of the third investor damaged by inaccurate ratings and providing an useful support to the public enforcement remedies.

Genom styrning av finansiella medel har gröna obligationer fått en viktig roll i utvecklingen mot ett miljömässigt hållbart samhälle. Extern granskning av gröna obligationer styrs idag genom frivilliga marknadsstandarder, varav GBP är den vanligaste. Dessutom har EU nyligen presenterat en egen frivillig standard med särskild tillsyn. Bättre tillgång till klimatrelaterad information samt tydliga och gemensamma definitioner av gröna aktiviteter är förutsättningar för att investerare mer effektivt ska flytta kapital till miljömässigt hållbara verksamheter för att stötta omställningen till en mindre fossilbaserad ekonomi. I den här uppsatsen visas att dagens betygsättning, olika bedömningsmetoder till trots, torde vara relativt pålitlig, men att det finns utrymme att önska högre jämförbarhet och därmed ökad investerartillit. Tydligare marknadsstandarder kan vara en viktig aspekt för att öka betygens pålitlighet allt eftersom marknaden för gröna obligationer expanderar. Analysen visar att lagstiftning som leder till ökad mängd publicerad granskning genom gröna betyg torde gynna transparensen samtidigt som ryktesrisken vid intressekonflikter bör innebära motvillighet gentemot felaktig bedömning. Samtidigt kan överdriven reglering begränsa möjligheterna för innovation, utveckling och expansion av marknaden som helhet. Det torde därmed vara i lagstiftarens intresse att inte införa alltför sträng reglering, eftersom risk att inte kunna uppnå den finansiering av klimatmålen som önskas då uppstår. Eftersom gröna obligationer är ett internationellt fenomen behöver världens länder arbeta tillsammans mot gemensamma standarder i syfte att nå klimatmålen.  I det fall tvingande reglering ska införas bör den vara på som lägst EU-nivå. För marknadsbalans mellan aktörerna och jämförbarhet mellan obligationerna är det viktigt att regleringen inte upplevs otydlig. Regleringen måste dessutom vara generell och så pass flexibel att den kan möta teknologisk utveckling och förändrade förhållanden på marknaderna utan att processen blir för långdragen. Så länge målet är att ha en europeisk kapitalmarknad där aktörerna kan tillhandahålla finansiella tjänster nationsövergripande krävs finansiell tillsyn som inte stannar vid nationsgränserna. På sikt torde Esma vara lämpligast att överse samtliga granskare av gröna obligationer verksamma på den europeiska marknaden. För detta krävs utökad reglering som ger Esma ökad behörighet såväl som ökade resurser för att effektivt kunna utföra tillsynsarbetet. / Through the management of financial resources, green bonds have received an important role in the development towards an environmentally sustainable society. External review of green bonds is today subject to voluntary market standards, of which GBP is the most common. In addition, the EU has recently presented its own voluntary standard, which includes supervision. Better access to climate-related information and clear and harmonised definitions of green activities are prerequisites for investors to move capital more efficiently to environmentally sustainable businesses to support the transition to a less fossil-based economy. With this paper it is shown that the current rating, despite different assessment methods, should be relatively reliable, but that there is room to wish for higher comparability and thus increased investor confidence. Clearer market standards can be an important aspect in increasing the reliability of ratings as the market for green bonds expands. The analysis shows that legislation that leads to an increased number of published reviews through green ratings should promote transparency, while the risk of rumors in the event of conflicts of interest should imply reluctance to make incorrect assessments. At the same time, excessive regulation may limit the opportunities for innovation, development and expansion of the market as a whole. Thus, it should be in the interest of the legislator not to introduce a regulation which is too strict, as the risk of not being able to achieve the desired financing of the climate goals then arises. As green bonds are an international phenomenon, all countries need to work together towards common standards in order to achieve the purpose of the climate goals. In the event that mandatory regulation is to be introduced, it should at least be at EU level. For market balance between the market participants as well as comparability between the bonds, it is important that the regulation is not perceived as unclear. In addition, regulation must be general and flexible enough to meet technological developments and new market conditions without the process becoming too lengthy. As long as the goal is to have a European capital market where market participants can provide financial services nationwide, financial supervision that does not stop at national borders is required. In the long run, ESMA should be the most appropriate authority to oversee all examiners of green bonds operating in the European market. This requires increased regulation that gives ESMA increased authority, as well as increased resources in order to be able to carry out the supervisory work effectively.