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Medius Promotes Dan Andersson to New Chief Services Officer

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Thursday, March 14, 2024

Spend, Automation, CDO, AP, Growth, Software, Kofax, Elevate, CSAT, Medius, Analysis, Lexmark, Combat, ReadSoft, Chief services officer

JACKSONVILLE, Fla., March 14, 2024 /PRNewswire/ -- Medius , a leading global provider of AP automation and wider Spend Management solutions, today announces the promotion of Dan Andersson from Chief Delivery Officer to Chief Services Officer.

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JACKSONVILLE, Fla., March 14, 2024 /PRNewswire/ -- Medius , a leading global provider of AP automation and wider Spend Management solutions, today announces the promotion of Dan Andersson from Chief Delivery Officer to Chief Services Officer.
Upon joining Medius in 2019, Andersson served as the VP of Professional Services for North America, later being promoted to Chief Delivery Officer in 2020 where he has overseen professional services including the global resources responsible for implementing Medius solutions to customers.
Dan Andersson, Chief Services Officer, Medius, comments: "Medius is committed to providing customers with the right solutions in spend management and AP offerings across a wide range of industries.
Branden Jenkins, Chief Operating Officer, Medius, comments: "During a momentous time for growth at Medius, we are proud to announce Dan's new role as Chief Services Officer.

Insight Partners Launches Second Enterprise Accelerator Program: IGNITE Enterprise Accelerator (IEA)

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Tuesday, March 12, 2024

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NEW YORK, March 12, 2024 /PRNewswire/ -- Global software investor Insight Partners today announces its second Enterprise Accelerator Program, IGNITE Enterprise Accelerator (IEA) and call for applicants.

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NEW YORK, March 12, 2024 /PRNewswire/ -- Global software investor Insight Partners today announces its second Enterprise Accelerator Program, IGNITE Enterprise Accelerator (IEA) and call for applicants.
Part of Insight Partners' many offerings for its global portfolio of over 500 leading software companies, Insight IGNITE brings 2500+ enterprise tech executives access to our investment and market perspectives, founders across all stages, and a network of peers driving digital change.
"Insight Partners is committed to partnering with enterprise technology and business leaders to nurture innovation by sharing perspectives from the cutting edge of the startup ecosystem," said Praveen Akkiraju, Managing Director at Insight Partners.
Community Events & Networking: Invitations to exclusive Insight Partners events and networking sessions, facilitating connections with peers and industry experts.

The impact of regulatory changes on rating behaviour

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Tuesday, April 2, 2024

Długosz, Disagreement, Pi bond, Direct lending, Key, Research Papers in Economics, Finance Secretary (India), University of Oxford, STS, Journal of Economic Perspectives, International, American Economic Review, Life, Columbia Business School, British Academy of Management, Risk assessment, ABS, Rating, EBA, Development, Reputational damage, OBS, CRA, Bond credit rating, Cras, Journal of Monetary Economics, CDO, Becker, Paper, 2007–2008 financial crisis, Raja, University, Environment, Journal of Financial Economics, Perception, H3, Website, Securitization, Working paper, Market, Collection, Total, European Banking Authority, Quarterly Journal of Economics, BBB, Whetten, Column, ESMA, European Journal, Issuer, Asset quality, Information revolution, Federal Reserve Bank, OLS, Statistics, PDF, Private, ECB, Surety, Weighted-average life, CCC, European Commission, Social science, Journal of Financial Stability, JEL, Real, Bias, Journal, Research, Classification, Certification, Commission, Credit, The Journal of Finance, Literature, Karel Škréta, European Central Bank, AA, Finance Research Letters, Origination (telephony), Monetary economics, Section 5, Xia, Kraft Foods, Government, AAA, Mukherjee, Finance, Deku, DOI, White, Risk, IOSCO, MBS, OECD, Wang, Section 4, University Challenge 2013–14, Section 3, Ashcraft, Financial management, Accounting, Financial economics, Fannie Mae, Conference, Pressure, Central bank, Griffin, University of Michigan, Systematic review, EPRS, Freddie Mac, Loan, BCBS, Palgrave Macmillan, R2, Microeconomics, Quarterly Journal, Financial statement analysis, The Japanese Economic Review, Christian Social Union (UK), Green, University of Huddersfield, PSM, Management, Security (finance), Security, Civil service commission, Private placement, American Economic Journal, GFC, Reproduction, IMF, Small business, Trustee, Data

Abstract

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Abstract
We examine rating behaviour after the introduction of new regulations regarding Credit Rating
Agencies (CRAs) in the European securitisation market.
There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
2012; Efing and Hau, 2015).
Competition among
CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
issuers resulting in rating inflation (Bolton et al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition to the creation of
European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
introduced.
We examine how rating behaviours have changed in the European securitisation market after the
introduction of these new regulations.
We utilise the existence of multiple ratings and rating agreements between
CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
et al., 2012; 2016).
We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
and CRAs in the structured finance market.
Rating catering, which is a direct consequence of issuer and
CRA collusion, seems to have disappeared after the introduction of these regulations.
There is empirical evidence of rating catering in the securitisation market in
the pre-GFC period (He et al., 2012; Efing and Hau, 2015).
Competition among CRAs could diminish ratings quality (Golan, Parlour,
and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition
to the creation of European Securities and Markets Authority (ESMA), a regulatory and
supervisory body for CRAs was introduced.
We find that the regulatory changes have been effective in tackling conflicts of interest
between issuers and CRAs in the structured finance market.
Rating catering, which is a direct
consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
these regulations.
Investors who previously demanded higher spreads for rating agreements for a
multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
period.
Regarding rating shopping, we find that the effectiveness of the changes has been limited,
potentially for two reasons.
Additionally, we also find that rating over-reliance might still be an issue, especially
Rating catering is a broad term and it can involve rating shopping.
They re-examine the rating shopping and rating
catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013.
Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
of the rating catering.
Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
rating inflation and rating over-reliance.
To the best of our knowledge, this paper is the first to
examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
rating inflation in the European ABS market.
Hence, the coverage and quality of our dataset constitutes significant addition
to the literature and allows us to test the rating shopping and rating catering more authoritatively.
The following section reviews the literature
on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
introduced in the post-GFC period.
Firstly, ratings became ever more important as the Securities and
Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
(i.e.
the investment mandates that highlight rating agencies as the main benchmark for investment
eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012).
issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
et al., 2012; Efing and Hau, 2015).
Bolton et al., (2012) demonstrate that competition
promotes rating shopping by issuers, leading to rating inflation.
The last phase, CRA III, was implemented in mid-2013 and involves an additional
set of measures on reducing transparency and rating over-reliance.
As mentioned above, rating inflation can be caused by rating shopping
In order to be eligible to use the STS classification, main parties (i.e.
The higher the difference in the number of ratings for a
given ABS tranche, the greater the risk of rating shopping.
Alternatively, the impact of the new
regulations could be limited when it comes to reducing rating shopping.
This is because, firstly,
the conflict of interest between securitisation parties is not necessarily the sole cause for the
occurrence of rating shopping.
L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
we utilise interchangeably to capture the rating shopping and rating catering behaviour.
Hence, issuers are incentivised to report the highest possible rating and
ensure each additional rating matches the desired level.
All in all, our results suggest that
the new stricter regulatory measures have been effective in tackling conflicts of interest and
reducing rating inflation caused by rating catering.
Self-selection might be a concern in analysing the impact of the
new measures and investors? response with regard to the rating inflation.
This
result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
suspicion of rating inflation and increased trust of CRAs.
Conclusion
Several regulatory changes were introduced in Europe following the GFC aimed at tackling
conflicts of interest between issuers and CRAs in the ABS market.
Utilising a sample of 12,469
ABS issued between 1998 and 2018 in the European market, this paper examined whether these
changes have had any impact on rating inflations caused by rating shopping and rating catering
phenomena.
We find that the
effectiveness of the changes has been more limited on rating shopping potentially for two reasons.
Tranche Credit Rating is the rating reported for a tranche at launch.

Transformative Power of Technology: Digital Transformation Summit 2024 Set to Redefine South Africa's Tech Landscape

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Friday, March 8, 2024

The much-anticipated Digital Transformation Summit is set to take place on March 15, 2024, at the prestigious Sandton Convention Centre.

Key Points:

The much-anticipated Digital Transformation Summit is set to take place on March 15, 2024, at the prestigious Sandton Convention Centre.
The 27th Edition of the Digital Transformation Summit, South Africa, aims to delve deep into how organizations are embracing digital transformation, navigating challenges across various technologies, and bolstering cybersecurity measures.
Dr. Thabiso Njongwe, Chief Digital Transformation Officer, Absa Group, will discuss "Sustainable Digital Shift in South Africa: Challenges, Opportunities, and Inclusivity."
Join us at the Digital Transformation Summit South Africa on March 15th at the Sandton Convention Centre to be part of this transformative event.

AI and Big Data Expo North America announces leading Speaker Lineup

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Thursday, March 7, 2024

Cloud, Computer, Expo, Deep learning, Big data, Government, Conference, Enterprise, CDO, Machine learning, Santa Clara Convention Center, Knowledge, CIO, IOT, Security, Insurance, NLP

AI and Big Data Expo North America announces new speakers!

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AI and Big Data Expo North America announces new speakers!
SANTA CLARA, CA, Mar 7, 2024 - (ACN Newswire) - The AI and Big Expo North America, the leading event for Enterprise AI, Machine Learning, Security, Ethical AI, Deep Learning, Data Ecosystems, and NLP, has announced a fresh cohort of distinguished speakers for its upcoming conference at the Santa Clara Convention Center on June 5-6, 2024.
In addition to the speakers, the AI and Big Data Expo North America will feature a series of presentations covering a diverse range of topics in AI and Big Data exploring the latest innovations, implementations and strategies across a range of industries.
Save up to $300 on your ticket and be part of the conversation shaping the future of AI and Big Data technologies.For more information and to secure your place at AI and Big Data Expo North America, please visit https://www.ai-expo.net/northamerica/.

FirstBank Announces New CEO and COO

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Tuesday, February 27, 2024

First Bank, Marketing, Culture, Growth, American Banker, Digital, Pleasure, CDO, Equity, Digital banking, Management

The board elected President, Kevin Classen, as the new CEO, and Chief Digital Officer (CDO), Kelly Kaminskas, was named Chief Operating Officer (COO).

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The board elected President, Kevin Classen, as the new CEO, and Chief Digital Officer (CDO), Kelly Kaminskas, was named Chief Operating Officer (COO).
Reuter, who will remain on the company’s board, started his career at FirstBank in 1987 and held several leadership positions, including COO and Executive Vice President, before being appointed CEO in 2017.
He was named a Denver Business Journal “Most Admired CEO” and a “Diversity, Equity and Inclusion” leader.
“It’s been a pleasure to be CEO of FirstBank and an active leader in the community, banking and fintech industry,” said Reuter.

Rocket Software Brings Modernization Without Disruption to Three Major Industry Events

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Wednesday, February 28, 2024

Rocket Software , Inc. (“Rocket Software”), a global technology leader driving modernization for the world’s largest companies, will be leading presentations in the form of keynotes, panels, and demonstrations at three key events for the IT industry in March, with the goal of educating industry decision makers on the need for and best practices of modernization without disruption.

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Rocket Software , Inc. (“Rocket Software”), a global technology leader driving modernization for the world’s largest companies, will be leading presentations in the form of keynotes, panels, and demonstrations at three key events for the IT industry in March, with the goal of educating industry decision makers on the need for and best practices of modernization without disruption.
ET, VP of Software Engineering and Fellow Tim Willging will deliver this keynote speech
On March 5 at 1 p.m.
ET, President, Data Modernization, Michael Curry will present this session
Rocket Software will have experts and demos at Booth #1434.
As a GSE partner, Rocket Software is dedicated to delivering quality conference content that contributes to the mission of a connected and collaborative industry.

Huntzinger Management Group Names Aaron Wootton Chief Digital Officer

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Monday, February 26, 2024

Huntzinger Management Group, Inc. (Huntzinger), a leader in healthcare IT advisory, managed information and consulting services and a 2020 and 2021 Best in KLAS winner for HIT Advisory Services, announced Aaron Wootton has been named Chief Digital Officer (CDO), effective February 12, 2024.

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Huntzinger Management Group, Inc. (Huntzinger), a leader in healthcare IT advisory, managed information and consulting services and a 2020 and 2021 Best in KLAS winner for HIT Advisory Services, announced Aaron Wootton has been named Chief Digital Officer (CDO), effective February 12, 2024.
In this inaugural role, Wootton will lead Huntzinger’s expansion in the digital world of healthcare IT, advancing the company’s expertise, depth and breadth in Artificial Intelligence and digitization.
View the full release here: https://www.businesswire.com/news/home/20240226714524/en/
Aaron Wootton, Chief Digital Officer for Huntzinger Management Group (Photo: Business Wire)
“As a well-known leader in the healthcare IT industry, Aaron brings a tremendous amount of experience and knowledge to Huntzinger,” said Tanya Freeman, President, COO and Founding Partner for Huntzinger.
“Aaron’s understanding of digitization and AI will help take Huntzinger to the next level,” said Bob Kitts, CEO and Founding Partner of Huntzinger.

Galehead Development Hires Dru Steubing as Chief Development Officer

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Wednesday, February 21, 2024

Galehead Development , a leading pure-play developer of renewable energy projects, decarbonization technology and Energy Transition infrastructure backed by Macquarie, has announced its hiring of Dru Steubing as Chief Development Officer (CDO).

Key Points:

Galehead Development , a leading pure-play developer of renewable energy projects, decarbonization technology and Energy Transition infrastructure backed by Macquarie, has announced its hiring of Dru Steubing as Chief Development Officer (CDO).
With extensive experience developing utility-scale wind, solar, battery storage, and green fuel projects, Mr. Steubing is a powerful addition to the Galehead executive team.
His specialized knowledge in greenfield development, project commercialization and building development teams will help Galehead execute its mission to provide development solutions and deliver transformative projects which accelerate the Energy Transition.
Mr. Steubing was previously the Vice President of Development at Apex Clean Energy.

Cengage Group Announces Appointment of Darren Person as Chief Digital Officer

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Tuesday, March 5, 2024

Acquisition, CBS News and Stations, Cengage, AI, Digital, Generative, NPD, Learning, Synthetic media, CDO, RELX, USA Network, A&E Networks, Student

BOSTON, March 5, 2024 /PRNewswire/ -- Cengage Group, a global edtech company, has appointed Darren Person as Executive Vice President and Chief Digital Officer (CDO). With more than 20 years of experience in the technology industry, Person will lead Cengage Group's product technology and innovation organization, and ensure the company continues to deliver innovative solutions that enable learners and educators around the globe to achieve their goals.

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Appointment furthers the company's commitment to accelerating product innovation initiatives, including GenAI advancement
BOSTON, March 5, 2024 /PRNewswire/ -- Cengage Group, a global edtech company, has appointed Darren Person as Executive Vice President and Chief Digital Officer (CDO).
"I am thrilled to join Cengage Group during this exciting period of rapid technology transformation in the education space," said Darren Person, CDO, Cengage Group.
Net sales for Cengage Group are now 74% digital, with digital sales having grown at a compound rate of 7% over the last three years.
Additionally, six million students have purchased Cengage Unlimited, the first-of-its kind digital subscription service, since it was launched in August 2018.