By Dimitris N. Chorafas (auth.)

This booklet explains why and the way management's effectiveness makes the adaptation among luck and failure, in any association. according to wide study within the US, united kingdom, Germany, France, Italy and Switzerland, the writer outlines how one can be powerful, what occurs in instances of ineffectiveness, and the explanations why management's effectiveness has to be tested in the point of view of every company's company challenges.

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Additional info for Rating Management’s Effectiveness: With Case Studies in Telecommunications

Sample text

This independence of opinion forms the background of external rating risk, which has after-effects on the rated company’s business. It might be possible to influence an external evaluator, but not to determine what he says. 1 The act of rating can be polyvalent and espouse other objectives than creditworthiness. Indeed, its concept is expanding. On 12 July 1999, John Kiskinen, then Chairman of the White House Year 2000 Conversion Council, announced that the United States would begin publicly rating foreign countries on their degree of year 2000 (Y2K) preparedness.

Again up to a point, bondholder protection is the mission of independent rating agencies, which address the default probability of bonds and companies. Stockholder protection is basically provided by the effectiveness of the management of the company in which the investor takes a stake. Other things equal, shareholders who can judge management effectiveness and who know the probability of default assigned by rating agencies have better protection than those who don’t. What the investor needs to know is not only how effective and efficient management is (see Chapter 1), but also the company’s financial staying power and risk tolerance, which affects the economic activity it undertakes.

On the other hand, there is no argument that independent rating agencies address only part of the population of counterparties a commercial bank deals with. Another commercial banker critical of the new role of independent rating agencies stated: ‘[Their system] is behind the state of the art and it has deficiencies. ’ The main reason behind this criticism is ego. The statement has nothing to do with the rating methodology of external rating agencies, whose deliverables cannot possibly be expected to be symmetrical for all entities with which a given bank deals.

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