Cambios En El Rating De Bonos Y Su Efecto En Los Precios Accionarios: El Caso Chileno
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.
Volume (Year): 3 (2000)
Issue (Month): 2 ()
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