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Standing as the gatekeeper to the capital markets that form the core of modern society, Moody’s represents the very best of what the marketplace can produce, but also the very worst. This story takes in economic crises in the antebellum US, the Panics of the early 1900s, the Wall Street Crash and the Great Depression and, of course, the Global Financial Crisis. It does this because, at the heart of each one was a member of the rating industry or the reporting industry that preceded it. Associated with almost any financial scandal you may care to remember the credit rating agencies, in their often-uncomfortable role as gatekeepers, have their fingerprints on most financial scandals and calamities. This book tells the story of the industry’s founding member.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":51215932850449,"sku":"NGR9781032575728","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52588788515089,"sku":"NLS9781032575728","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53368575099153,"sku":"NIN9781032575728","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1032575727.jpg?v=1751173785"},{"product_id":"sovereign-debt-sustainability-book-daniel-cash-9781032198651","title":"Sovereign Debt Sustainability","description":"In 2020, the G20 proposed a solution for the debt-related issues affecting the world’s poorest countries due to the COVID-19 pandemic. However, their initiatives have failed to meet their objectives. 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Daniel Cash provides fresh insight on the role of ESG rating agencies in the financial market and explores the relationship between ESG and modern business practices to explain the continued drive for effective ESG rating agencies.   This cutting-edge book offers analyses of the latest regulatory endeavours involving ESG ratings while acknowledging the pitfalls of such agencies, including a lack of transparency and variant stakeholder preferences. Through the application of signalling theory, Cash concludes that while credit ratings agencies continue to prevail due to the sense of trust provided by the involvement of third parties in financial transactions, the same is not yet true of ESG rating agencies. Cash demonstrates that for these agencies to be truly efficient they must operate as an oligopoly, an approach that may seem uncomfortable to many. The book provides an up-to-date investigation of why a natural oligopoly is desired in the ESG rating space and summarises the consequences of this for both investors and regulators.     Academics and students of financial law, economics, and financial sustainability will find this book to be an invaluable resource. 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