Publications
Publications
- 2024
- HBS Working Paper Series
The Credit Rating Agency Market in Africa: Landscape and Future Research Directions
By: Saveshen Pillay and Anywhere Sikochi
Abstract
We explore the role of credit ratings in global markets and highlight potential opportunities for research on the African credit rating agency market. We trace the evolution of credit ratings and conduct a comprehensive literature review of existing studies globally that explore determinants, properties, and capital market impacts of credit ratings. We then evaluate the African credit rating agency landscape, showcasing the contribution of local credit rating agencies. We end by suggesting research areas that could leverage the characteristics of the African context. We also highlight recent calls for public sector credit rating agencies as an alternative approach to solving persistent rating coverage gaps. Overall, our paper aims to provide a nuanced understanding of the credit rating landscape in Africa, offering insights into its challenges, opportunities, and future research directions.
Keywords
Citation
Pillay, Saveshen, and Anywhere Sikochi. "The Credit Rating Agency Market in Africa: Landscape and Future Research Directions." Harvard Business School Working Paper, No. 22-074, June 2022. (Journal of Financial Reporting, Accepted.)