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

dc.contributor.authorLobão, Júlio
dc.contributor.authorCampos, Susana
dc.contributor.authorPacheco, Luís Miguel
dc.date.accessioned2018-09-19T11:12:36Z
dc.date.available2018-09-19T11:12:36Z
dc.date.embargo2020-08-31
dc.date.issued2018-07-24
dc.description.abstractThis 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.pt_PT
dc.identifier.citationLobão, 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/11328/2295pt_PT
dc.identifier.doihttps://doi.org/10.1002/ijfe.1645pt_PT
dc.identifier.urihttp://hdl.handle.net/11328/2295
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherJohn Wiley & Sonspt_PT
dc.relation.publisherversionhttps://onlinelibrary.wiley.com/doi/10.1002/ijfe.1645pt_PT
dc.rightsembargoed accesspt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectCredit ratingspt_PT
dc.subjectBankspt_PT
dc.subjectStock marketpt_PT
dc.subjectMarket efficiencypt_PT
dc.subjectEvent studypt_PT
dc.titleStock price effects of bank rating announcements: An application to European Union countriespt_PT
dc.typejournal articlept_PT
degois.publication.firstPage1pt_PT
degois.publication.lastPage16pt_PT
degois.publication.titleInternational Journal of Finance and Economicspt_PT
degois.publication.volume0pt_PT
dspace.entity.typePublicationen
person.familyNamePacheco
person.givenNameLuís Miguel
person.identifier.ciencia-idBF16-0EF2-107B
person.identifier.orcid0000-0002-9066-6441
person.identifier.ridE-5193-2010
person.identifier.scopus-author-id55945343700
relation.isAuthorOfPublicationa25aba90-4787-45a8-b908-646f24b32dfc
relation.isAuthorOfPublication.latestForDiscoverya25aba90-4787-45a8-b908-646f24b32dfc

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