Stock price effects of bank rating announcements




Details zur Publikation

Untertitel: An application to European Union countries
Autorenliste: Lobão, Júlio; Pacheco, Luís e Campos, Susana
Verlag: Canadian Center of Science and Education (CCSE)
Jahr der Veröffentlichung: 2018
Zeitschrift: International Journal of Economics and Finance (1916-971X)
Bandnummer: early view
Heftnummer: 1
Erste Seite: 1
Letzte Seite: 16
Seitenumfang: 16
ISSN: 1916-971X
Sprachen: Englisch-Vereinigtes Königreich (EN-GB)


This paper uses daily stock prices data surrounding credit rating announce-ment dates to examine abnormal returns of stocks of the European Unionbanks experiencing debt rating announcements, during the period 2004–2015.The results of the event studies suggest that rating agencies, by issuingdowngrades and upgrades, provide relevant information to capital markets.The results also indicate that rating agencies contribute to enhance thetransparency and efficiency in capital markets by standardizing informationfor all investors. The large positive preupgrade returns we observe are consis-tent with the view that upgrades are of most interest to market investors. Thereis no significant evidence of abnormal returns on announcements of ratingwatches.


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Zuletzt aktualisiert 2019-13-08 um 00:46