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

• Tipo: Artigo em Revista Científica Internacional
• Data: 2019

Autores

Júlio Lobão (Autor) FEP; Luís Pacheco (Autor) Outra; Susana Campos (Autor) FEP

Revista

Título: INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS

Vol. 24 Nº 1

Páginas: 4-19

ISSN: 1076-9307

Editora: John Wiley & Sons

Indexação

ISI Web of Knowledge - 4 Citações

ISI Web of Science

Scopus - 6 Citações

Current Contents

Econlit

ProQuest

Classificação Científica

CORDIS: Ciências Sociais > Economia > Ciência financeira

FOS: Ciências sociais > Economia e gestão

Outras Informações

ID Authenticus: P-00Q-42K

DOI: 10.1002/ijfe.1645

Abstract (EN): 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 preupgrade 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.

Idioma: Inglês

Tipo (Avaliação Docente): Científica