The Role of Credit Rating Agencies in Japan and the United States
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Douglas L. Peterson, President, Standard & Poor's Ratings Services (Bio)
Tanaka Hidetaka, Senior Executive Managing Director, Rating and Investment Information, Inc. (Bio)
Patrick Bolton, David Zalaznick Professor of Business, Columbia Business School (Bio) (Download his presentation here.)
Hugh Patrick, R.D. Calkins Professor of International Business Emeritus; Director, Center on Japanese Economy and Business, Columbia Business School
5:30-6:00 pm Registration
6:00-7:30 pm Symposium and Q&A
7:30-8:30 pm Reception
The Role of Credit Rating Agencies in Japan and the United States is presented by the Center on Japanese Economy and Business, Columbia Business School as part of CJEB's program, "The New Global Financial Architecture."
Co-sponsor: The Center for Japanese Legal Studies, Columbia Law School
With Outreach Partner: Japan Society
Patrick Bolton is the David Zalaznick Professor of Business. He joined Columbia Business School in July 2005. He received his PhD from the London School of Economics in 1986 and holds a BA in economics from the University of Cambridge and a BA in political science from the Institut d'Etudes Politiques de Paris. He began his career as an assistant professor at the University of California at Berkeley and then moved to Harvard University, joining their economics department from 1987-1989. He was Charge de Recherche at the C.N.R.S. Laboratoire d' Econometrie de L' Ecole Polytechnique from 1989-1991, Cassel Professor of Money and Banking at the London School of Economics from 1991-1994, Charge de cours associe at the Institut d'Etudes Europeennes de l'Universite Libre de Bruxelles from 1994-1998, and John H. Scully '66 Professor of Finance and Economics at Princeton University from 1998-2005. His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contracting areas including: the firm's choice of optimal debt structure, corporate governance and the firm's optimal ownership structure, vertical integration, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contracting practices. He recently published his first book, Contract Theory, with Mathias Dewatripont and has co-edited a second book with Howard Rosenthal, Credit Markets for the Poor.
Douglas L. Peterson was named President of Standard & Poor's Ratings Services, the leading credit rating company and division of The McGraw-Hill Companies, in 2011.Previously, Mr. Peterson was the Chief Operating Officer of Citibank, N.A., Citigroup's principal banking entity that operates in over 100 countries. Doug was with Citigroup for 25 years.
Until the beginning of 2010, Mr. Peterson was the CEO of Citigroup, Japan where he oversaw the entire franchise covering Capital Markets, Corporate & Investment Banking, Global Transaction Services and Retail Banking, managing over 15,000 employees. Mr. Peterson had previously been the Chief Auditor of Citigroup from 2001 to 2004 where he had led the enterprise-wide integration of the InternalAudit teams after the merger of Citicorp and Travelers. In prior roles, he served as country manager in Costa Rica and Uruguay and as a Corporate Banker in Argentina and New York.
Mr. Peterson received his undergraduate degree in Mathematics and History at Claremont McKenna College and his MBA from the Wharton School at the University of Pennsylvania.
Mr. Peterson has previously served on the boards of the American Chambers of Commerce (in Costa Rica, Uruguay, and Japan), the Uruguayan American School, and Teaching Matters Inc. He is currently on the Boards of Advisors for the Wharton Financial Institutions Center and the Kravis Leadership Institute, and the Board of Trustees of the Paul Taylor Dance Company.
Tanaka Hidetaka is the senior executive managing director of Rating and Investment Information, Inc. (R&I), the leading credit rating agency in Japan. He oversees the Credit Rating Planning & Research Division, the Structured Finance Division, and International Affairs. Mr. Tanaka joined R&I in 2002 as head of the Structured Finance Department and additionally served for a period as CEO of the Financial Technology Research Institute. Prior to joining R&I, he worked for the Industrial Bank of Japan for 27 years, where he served several management positions including as the general manager of the International Finance Department in Tokyo and as the CEO of IBJ Merchant Bank (Singapore).
Mr. Tanaka has been a member of the PFI Screening Committee of the Ministry of Finance of Japan since 2002. He serves for the Ministry of Defense and the Cabinet Office as a member of expert committees on satellite system management. He has been invited by a number of ministries and municipalities to be a member of the expert committees, including one on, "Effective Use of National Properties in the New Growth Strategy," with the Ministry of Finance.
He holds a U.S. CPA and a BA in Business and Finance Faculty from Keio University. His papers include, "Circulating of Oil Money," 1982, given an award by the Kawakami Memorial Foundation, and, "Reliability of Rating Agency and Regulatory Involvement," 2008, written for the Securities Analysts Journal.