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Cambios En El Rating De Bonos Y Su Efecto En Los Precios Accionarios: El Caso Chileno

Author

Listed:
  • FRANCO PARISI

    (Profesor Asistente del Departamento de Administración de la Universidad de Chile.)

  • DANIEL PEREZ

    (Escuela de Graduados, Universidad de Chile.)

Abstract

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.

Suggested Citation

  • Franco Parisi & Daniel Perez, 2000. "Cambios En El Rating De Bonos Y Su Efecto En Los Precios Accionarios: El Caso Chileno," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(2), pages 249-273.
  • Handle: RePEc:pch:abante:v:3:y:2000:i:2:p:249-273
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    File URL: http://eacc10.puc.cl/files/ABT/Contenidos/Vol-3-N2/5%20Parisis%20Perez.pdf
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    Citations

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    Cited by:

    1. María Concepción Verona Martel & José Juan Déniz Mayor, 2011. "Las agencias de rating y la crisis fi nanciera de 2008: ¿El fi n de un poder sin control?," REVISTA CRITERIO LIBRE, UNIVERSIDAD LIBRE - SEDE PRINCIPAL, June.
    2. Augusto Castillo, 2004. "The announcement effect of bond and equity issues: evidence from Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 31(2 Year 20), pages 177-205, December.

    More about this item

    Keywords

    Rating; Cumulative Average Returns; Bootstrap; Rating Changes; Comisión Clasificadora de Riesgo; Chile;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G19 - Financial Economics - - General Financial Markets - - - Other

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