Kiesel, F. (2016)
Do Investors Still Rely on Credit Rating Agencies?
Evidence from the Financial Crisis.
In: The Journal of Fixed Income, 25 (4)
Artikel, Bibliographie
Kurzbeschreibung (Abstract)
The global financial crisis brought increased attention to the importance of rating agencies. The broad consensus was that the rating agencies were unable to detect any deterioration of the issuer’s credit quality in a timely manner. This study analyzes the credit default swaps (CDSs) and stock market response to rating changes during the financial crisis and subsequent years. The sample includes 542 companies from the United States and 15 European countries and examines 915 corporate issuer ratings. The results show that there is no CDS market response to rating announcements during the crisis but that the stock market anticipates downgrade announcements.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2016 |
| Autor(en): | Kiesel, F. |
| Art des Eintrags: | Bibliographie |
| Titel: | Do Investors Still Rely on Credit Rating Agencies? Evidence from the Financial Crisis |
| Sprache: | Englisch |
| Publikationsjahr: | 30 März 2016 |
| Verlag: | Insitutional Investors |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | The Journal of Fixed Income |
| Jahrgang/Volume einer Zeitschrift: | 25 |
| (Heft-)Nummer: | 4 |
| URL / URN: | http://www.iijournals.com/doi/abs/10.3905/jfi.2016.25.4.020 |
| Kurzbeschreibung (Abstract): | The global financial crisis brought increased attention to the importance of rating agencies. The broad consensus was that the rating agencies were unable to detect any deterioration of the issuer’s credit quality in a timely manner. This study analyzes the credit default swaps (CDSs) and stock market response to rating changes during the financial crisis and subsequent years. The sample includes 542 companies from the United States and 15 European countries and examines 915 corporate issuer ratings. The results show that there is no CDS market response to rating announcements during the crisis but that the stock market anticipates downgrade announcements. |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Unternehmensfinanzierung |
| Hinterlegungsdatum: | 23 Feb 2016 13:18 |
| Letzte Änderung: | 20 Okt 2021 12:42 |
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