Stock price effects of bank rating announcements: An application to European Union countries
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | , |
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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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 |
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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 instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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