FRANCO PARISI (Profesor Asistente del Departamento de Administración de la Universidad de Chile.) DANIEL PEREZ (Escuela de Graduados, Universidad de Chile.)
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The paper studies the effect of bond rating upgrades (downgrades) on stock prices in Chile which, based on the international evidence is expected to be positive (negative). However, no effect is observed, even when the sample is analyzed according to the type of agency that announced the rating change and the type of change. The explanation of our findings may lie in the particular characteristics of the Chilean capital market, where institutional investors have an important role, and where ownership is highly concentrated.
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Article provided by Escuela de Administracion. Pontificia Universidad Católica de Chile. in its journal ABANTE.