Stock Price Reaction to Debt Offerings: The Turkish Evidence

2020 ◽  
Author(s):  
Evrim Akdogu ◽  
Sureyya Avci ◽  
Serif Aziz Simsir
2017 ◽  
Vol 24 (2) ◽  
pp. 74-89
Author(s):  
NGUYEN THI VAN ANH ◽  
NGUYEN XUAN TRUONG ◽  
DAO MAI HUONG

2017 ◽  
Vol 14 (2) ◽  
pp. 82-87
Author(s):  
Eleonora Isaia ◽  
Marina Damilano

Reputational concerns should discipline credit rating agencies (CRAs), eliminate any conflicts of interest, and motivate them to provide unbiased ratings. However, the recent financial crisis confirms models of CRAs’ behavior that predict inflated ratings for complex products and during booms. We test whether CRAs suffered a reputational damage for this behavior. We find strong support in the data for our hypothesis. The stock price reaction to rating revisions is significantly lower after the financial crisis, particularly in the financial sector. In multivariate tests, we find that the stock price reaction is lower, on average, in the post-crisis period by 2.3%.


2019 ◽  
Vol 47 ◽  
pp. 458-469 ◽  
Author(s):  
Pierangelo Rosati ◽  
Peter Deeney ◽  
Mark Cummins ◽  
Lisa van der Werff ◽  
Theo Lynn

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