Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries)
The aim of this study is to reveal the effects of sovereign credit ratings given by the rating agencies on the stock exchanges of the countries. For this purpose, the effects of the ratings given by S&P, Moody’s and Fitch rating institutions for T-BRICS countries stock markets have been investig...
| Main Authors: | , , |
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| Format: | Article |
| Language: | deu |
| Published: |
Celal Bayar University
2020-08-01
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| Series: | Yönetim ve Ekonomi |
| Subjects: |
| _version_ | 1797913557614985216 |
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| author | Musa OVALI Turan KOCABIYIK Umut Burak GEYİKÇİ |
| author_facet | Musa OVALI Turan KOCABIYIK Umut Burak GEYİKÇİ |
| author_sort | Musa OVALI |
| collection | DOAJ |
| description | The aim of this study is to reveal the effects of sovereign credit ratings given by the rating agencies on the stock exchanges of the countries. For this purpose, the effects of the ratings given by S&P, Moody’s and Fitch rating institutions for T-BRICS countries stock markets have been investigated by event study method between 2004-2019. The presence of abnormal returns have been examined within ± 15, ± 10, ± 5 and ± 1 day event windows in order to clearly demonstrate the effects of the event. As a result of the analysis, it has been found that negative (positive) event in the same direction of negative (positive) abnormal return in the stock exchanges of some countries. In addition, it has been concluded that some countries may react differently to the same events due to their geographical location. Finally it has been concluded that sovereign credit rating announcements caused statistically significant cumulative abnormal returns, average abnormal returns and cumulative average abnormal returns, consequently the current markets in the relevant countries were not semi-strong form efficiency. |
| first_indexed | 2024-04-10T12:13:31Z |
| format | Article |
| id | doaj.art-6b283b3335ae4431b42c9579cf204b16 |
| institution | Directory Open Access Journal |
| issn | 1302-0064 1302-0064 |
| language | deu |
| last_indexed | 2024-04-10T12:13:31Z |
| publishDate | 2020-08-01 |
| publisher | Celal Bayar University |
| record_format | Article |
| series | Yönetim ve Ekonomi |
| spelling | doaj.art-6b283b3335ae4431b42c9579cf204b162023-02-15T16:15:53ZdeuCelal Bayar UniversityYönetim ve Ekonomi1302-00641302-00642020-08-0127230933510.18657/yonveek.624355Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries)Musa OVALITuran KOCABIYIKUmut Burak GEYİKÇİThe aim of this study is to reveal the effects of sovereign credit ratings given by the rating agencies on the stock exchanges of the countries. For this purpose, the effects of the ratings given by S&P, Moody’s and Fitch rating institutions for T-BRICS countries stock markets have been investigated by event study method between 2004-2019. The presence of abnormal returns have been examined within ± 15, ± 10, ± 5 and ± 1 day event windows in order to clearly demonstrate the effects of the event. As a result of the analysis, it has been found that negative (positive) event in the same direction of negative (positive) abnormal return in the stock exchanges of some countries. In addition, it has been concluded that some countries may react differently to the same events due to their geographical location. Finally it has been concluded that sovereign credit rating announcements caused statistically significant cumulative abnormal returns, average abnormal returns and cumulative average abnormal returns, consequently the current markets in the relevant countries were not semi-strong form efficiency.credit ratingsovereign credit ratingt-bricsevent studyabnormal returncumulative abnormal return. |
| spellingShingle | Musa OVALI Turan KOCABIYIK Umut Burak GEYİKÇİ Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries) Yönetim ve Ekonomi credit rating sovereign credit rating t-brics event study abnormal return cumulative abnormal return. |
| title | Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries) |
| title_full | Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries) |
| title_fullStr | Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries) |
| title_full_unstemmed | Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries) |
| title_short | Kredi Derecelendirmenin Borsa Endeksleri Üzerindeki Etkileri: T-BRICS Ülkeleri Üzerine Bir Araştırma(The Impacts Of Credit Ratings On Stock Exchanges: A Research On T-BRICS Countries) |
| title_sort | kredi derecelendirmenin borsa endeksleri uzerindeki etkileri t brics ulkeleri uzerine bir arastirma the impacts of credit ratings on stock exchanges a research on t brics countries |
| topic | credit rating sovereign credit rating t-brics event study abnormal return cumulative abnormal return. |
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