Stock price effects of bank rating announcements: An application to European Union countries

Detalhes bibliográficos
Autor(a) principal: Lobão, Júlio
Data de Publicação: 2018
Outros Autores: Pacheco, Luís Miguel, Campos, Susana
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/11328/2295
https://doi.org/10.1002/ijfe.1645
Resumo: This paper uses daily stock prices data surrounding credit rating announcement dates to examine abnormal returns of stocks of the European Union banks experiencing debt rating announcements, during the period 2004-2015. The results of the event studies suggest that rating agencies, by issuing downgrades and upgrades, provide relevant information to capital markets. The results also indicate that rating agencies contribute to enhance the transparency and efficiency in capital markets by standardizing information for all investors. The large positive pre-upgrade returns we observe are consistent with the view that upgrades are of most interest to market investors. There is no significant evidence of abnormal returns on announcements of rating watches.
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spelling Stock price effects of bank rating announcements: An application to European Union countriesCredit ratingsBanksStock marketMarket efficiencyEvent studyThis paper uses daily stock prices data surrounding credit rating announcement dates to examine abnormal returns of stocks of the European Union banks experiencing debt rating announcements, during the period 2004-2015. The results of the event studies suggest that rating agencies, by issuing downgrades and upgrades, provide relevant information to capital markets. The results also indicate that rating agencies contribute to enhance the transparency and efficiency in capital markets by standardizing information for all investors. The large positive pre-upgrade returns we observe are consistent with the view that upgrades are of most interest to market investors. There is no significant evidence of abnormal returns on announcements of rating watches.John Wiley & Sons2018-09-19T11:12:36Z2018-09-192018-07-24T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfLobão, J., Pacheco, L., & Campos, S. (2018). Stock price effects of bank rating announcemets: An application to European Union countries. International Journal of Finance and Economics, 0,1-16. doi: https://doi.org/10.1002/ijfe.1645. Disponível no Repositório UPT, http://hdl.handle.net/11328/2295http://hdl.handle.net/11328/2295Lobão, J., Pacheco, L., & Campos, S. (2018). Stock price effects of bank rating announcemets: An application to European Union countries. International Journal of Finance and Economics, 0,1-16. doi: https://doi.org/10.1002/ijfe.1645. Disponível no Repositório UPT, http://hdl.handle.net/11328/2295http://hdl.handle.net/11328/2295https://doi.org/10.1002/ijfe.1645enghttps://onlinelibrary.wiley.com/doi/10.1002/ijfe.1645http://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/embargoedAccessLobão, JúlioPacheco, Luís MiguelCampos, Susanareponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-16T02:03:55Zoai:repositorio.upt.pt:11328/2295Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:38:53.953565Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Stock price effects of bank rating announcements: An application to European Union countries
title Stock price effects of bank rating announcements: An application to European Union countries
spellingShingle Stock price effects of bank rating announcements: An application to European Union countries
Lobão, Júlio
Credit ratings
Banks
Stock market
Market efficiency
Event study
title_short Stock price effects of bank rating announcements: An application to European Union countries
title_full Stock price effects of bank rating announcements: An application to European Union countries
title_fullStr Stock price effects of bank rating announcements: An application to European Union countries
title_full_unstemmed Stock price effects of bank rating announcements: An application to European Union countries
title_sort Stock price effects of bank rating announcements: An application to European Union countries
author Lobão, Júlio
author_facet Lobão, Júlio
Pacheco, Luís Miguel
Campos, Susana
author_role author
author2 Pacheco, Luís Miguel
Campos, Susana
author2_role author
author
dc.contributor.author.fl_str_mv Lobão, Júlio
Pacheco, Luís Miguel
Campos, Susana
dc.subject.por.fl_str_mv Credit ratings
Banks
Stock market
Market efficiency
Event study
topic Credit ratings
Banks
Stock market
Market efficiency
Event study
description This paper uses daily stock prices data surrounding credit rating announcement dates to examine abnormal returns of stocks of the European Union banks experiencing debt rating announcements, during the period 2004-2015. The results of the event studies suggest that rating agencies, by issuing downgrades and upgrades, provide relevant information to capital markets. The results also indicate that rating agencies contribute to enhance the transparency and efficiency in capital markets by standardizing information for all investors. The large positive pre-upgrade returns we observe are consistent with the view that upgrades are of most interest to market investors. There is no significant evidence of abnormal returns on announcements of rating watches.
publishDate 2018
dc.date.none.fl_str_mv 2018-09-19T11:12:36Z
2018-09-19
2018-07-24T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv Lobão, J., Pacheco, L., & Campos, S. (2018). Stock price effects of bank rating announcemets: An application to European Union countries. International Journal of Finance and Economics, 0,1-16. doi: https://doi.org/10.1002/ijfe.1645. Disponível no Repositório UPT, http://hdl.handle.net/11328/2295
http://hdl.handle.net/11328/2295
Lobão, J., Pacheco, L., & Campos, S. (2018). Stock price effects of bank rating announcemets: An application to European Union countries. International Journal of Finance and Economics, 0,1-16. doi: https://doi.org/10.1002/ijfe.1645. Disponível no Repositório UPT, http://hdl.handle.net/11328/2295
http://hdl.handle.net/11328/2295
https://doi.org/10.1002/ijfe.1645
identifier_str_mv Lobão, J., Pacheco, L., & Campos, S. (2018). Stock price effects of bank rating announcemets: An application to European Union countries. International Journal of Finance and Economics, 0,1-16. doi: https://doi.org/10.1002/ijfe.1645. Disponível no Repositório UPT, http://hdl.handle.net/11328/2295
url http://hdl.handle.net/11328/2295
https://doi.org/10.1002/ijfe.1645
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://onlinelibrary.wiley.com/doi/10.1002/ijfe.1645
dc.rights.driver.fl_str_mv http://creativecommons.org/licenses/by/4.0/
info:eu-repo/semantics/embargoedAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0/
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv John Wiley & Sons
publisher.none.fl_str_mv John Wiley & Sons
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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repository.mail.fl_str_mv
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