Format:
Online-Ressource (28 p)
Edition:
Online-Ausg.
ISBN:
1451857012
,
9781451857016
Series Statement:
IMF Working Papers Working Paper No. 99/151
Content:
This paper examines the performance of emerging market bank stocks around the time of rating changes by major international agencies. The data suggest that downgrades on average have followed periods of negative cumulative abnormal returns for banks, although upgrades have not followed periods of positive returns. More important, stock prices either do not respond to rating changes or respond in the opposite direction to what would be expected if announcements conveyed value-relevant information. The paper concludes that there are limits to the extent that supervisors in emerging markets can rely on market participants to monitor the safety and soundness of banks
Additional Edition:
Erscheint auch als Druck-Ausgabe Richards, Anthony Bank Rating Changes and Bank Stock Returns-Puzzling Evidence from the Emerging Markets Washington, D.C. : International Monetary Fund, 1999 ISBN 9781451857016
Language:
English
DOI:
10.5089/9781451857016.001
