کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5090999 1375655 2008 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The informational content of unsolicited ratings
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The informational content of unsolicited ratings
چکیده انگلیسی

This paper investigates whether the stock market reacts to unsolicited ratings for a sample of firms rated by S&P between January 1996 and December 2005. We first analyze the stock market reaction to the assignment of an initial unsolicited rating. We find evidence that this reaction is negative and particularly accentuated for small Japanese firms. We then analyze the stock market reaction to changes in unsolicited ratings for a Japanese sub-sample and find that here too the stock market reacts negatively. Our results imply that unsolicited ratings convey new information to the stock market and that investors react to this information. Although unsolicited ratings are based on publicly available information only, the stock market seems to be inefficient in processing this information for Japanese companies.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 32, Issue 4, April 2008, Pages 587-599
نویسندگان
, ,