Oczekiwanie zmiany nastawienia credit ratings banków a kursy akcji przy uwzględnieniu poziomu rozwoju gospodarczego kraju
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Abstrakt
The aim of the paper is verification of the following hypothesis the share prices of banks have stronger reaction to bank credit rating announcements changes for a downgrade, both in developed and developing economies. The analysis(event study method) has been based on data from Thomson Reuters for the years 1980-2015 for 24 countries. Outlooks and watch lists proposed by all credit rating agencies have been used as an independent variable. Daily differences between the logarithmized rates of return of banks' shares have been used as dependent variable.
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Autor (Autorzy) artykułu oświadcza, że przesłane opracowanie nie narusza praw autorskich osób trzecich. Wyraża zgodę na poddanie artykułu procedurze recenzji oraz dokonanie zmian redakcyjnych. Przenosi nieodpłatnie na Oficynę Wydawniczą SGH autorskie prawa majątkowe do utworu na polach eksploatacji wymienionych w art. 50 Ustawy z dnia 4 lutego 1994 r. o prawie autorskim i prawach pokrewnych – pod warunkiem, że praca została zaakceptowana do publikacji i opublikowana.
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