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Rating changes and the impact on stock prices

Bibliographic Details
Main Author: Baraccat, Bruno Borges
Publication Date: 2020
Other Authors: Gonçalves, Adalto Barbaceia, ADRIANA BRUSCATO BORTOLUZZO
Language: eng
Source: Repositório Institucional da INSPER
Download full: https://repositorio.insper.edu.br/handle/11224/6747
Summary: Edição Especial
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spelling Rating changes and the impact on stock pricesCredit ratingsStock marketEvent studyMarket efficiencyEdição EspecialPurpose – The objective of this study is to analyze the impact of changes in credit ratings on the long-term return of Brazilian firms. Design/methodology/approach – We conducted an event study to measure how stock prices in the Brazilian stock exchange (B3) react to rating upgrades and downgrades by Moody’s and S&P. Findings – Our sample presents positive and significant returns measured by the BHAR for ratings downgrades and non-significant ones for upgrades. Our data also show the important role of the previous rating in explaining these results in a non-linear fashion. Originality/value – Our research makes an important contribution to the theory of market efficiency, analyzing the degree of information present in the announcements of credit ratings changes. We also present results for Brazilian companies, correcting gaps pointed out in previous methodologies.FECAP2024-07-26T23:02:15Z2024-07-26T23:02:15Z2020Digitalp. 539-577application/pdfapplication/pdf1806-48921983-0807https://repositorio.insper.edu.br/handle/11224/674710.7819/rbgn.v22i0.4064RBGN - Revista Brasileira de Gestão de NegóciosProdução vinculada ao Núcleo de Ciências de Dados e DecisãoBaraccat, Bruno BorgesGonçalves, Adalto BarbaceiaBaraccat, Bruno BorgesADRIANA BRUSCATO BORTOLUZZOGonçalves, Adalto Barbaceiainfo:eu-repo/semantics/publishedVersionengreponame:Repositório Institucional da INSPERinstname:Instituição de Ensino Superior e de Pesquisa (INSPER)instacron:INSPERinfo:eu-repo/semantics/openAccess2025-06-12T13:49:43Zoai:repositorio.insper.edu.br:11224/6747Biblioteca Digital de Teses e Dissertaçõeshttps://www.insper.edu.br/biblioteca-telles/PRIhttps://repositorio.insper.edu.br/oai/requestbiblioteca@insper.edu.br || conteudobiblioteca@insper.edu.bropendoar:2025-06-12T13:49:43Repositório Institucional da INSPER - Instituição de Ensino Superior e de Pesquisa (INSPER)false
dc.title.none.fl_str_mv Rating changes and the impact on stock prices
title Rating changes and the impact on stock prices
spellingShingle Rating changes and the impact on stock prices
Baraccat, Bruno Borges
Credit ratings
Stock market
Event study
Market efficiency
title_short Rating changes and the impact on stock prices
title_full Rating changes and the impact on stock prices
title_fullStr Rating changes and the impact on stock prices
title_full_unstemmed Rating changes and the impact on stock prices
title_sort Rating changes and the impact on stock prices
author Baraccat, Bruno Borges
author_facet Baraccat, Bruno Borges
Gonçalves, Adalto Barbaceia
ADRIANA BRUSCATO BORTOLUZZO
author_role author
author2 Gonçalves, Adalto Barbaceia
ADRIANA BRUSCATO BORTOLUZZO
author2_role author
author
dc.contributor.author.fl_str_mv Baraccat, Bruno Borges
Gonçalves, Adalto Barbaceia
Baraccat, Bruno Borges
ADRIANA BRUSCATO BORTOLUZZO
Gonçalves, Adalto Barbaceia
dc.subject.por.fl_str_mv Credit ratings
Stock market
Event study
Market efficiency
topic Credit ratings
Stock market
Event study
Market efficiency
description Edição Especial
publishDate 2020
dc.date.none.fl_str_mv 2020
2024-07-26T23:02:15Z
2024-07-26T23:02:15Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
status_str publishedVersion
dc.identifier.uri.fl_str_mv 1806-4892
1983-0807
https://repositorio.insper.edu.br/handle/11224/6747
10.7819/rbgn.v22i0.4064
identifier_str_mv 1806-4892
1983-0807
10.7819/rbgn.v22i0.4064
url https://repositorio.insper.edu.br/handle/11224/6747
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv RBGN - Revista Brasileira de Gestão de Negócios
Produção vinculada ao Núcleo de Ciências de Dados e Decisão
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv Digital
p. 539-577
application/pdf
application/pdf
dc.publisher.none.fl_str_mv FECAP
publisher.none.fl_str_mv FECAP
dc.source.none.fl_str_mv reponame:Repositório Institucional da INSPER
instname:Instituição de Ensino Superior e de Pesquisa (INSPER)
instacron:INSPER
instname_str Instituição de Ensino Superior e de Pesquisa (INSPER)
instacron_str INSPER
institution INSPER
reponame_str Repositório Institucional da INSPER
collection Repositório Institucional da INSPER
repository.name.fl_str_mv Repositório Institucional da INSPER - Instituição de Ensino Superior e de Pesquisa (INSPER)
repository.mail.fl_str_mv biblioteca@insper.edu.br || conteudobiblioteca@insper.edu.br
_version_ 1839074963835846656

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