The Effects of Credit Rating Agencies S&P, Moody’s and Fitch’s Notes on Stock Indices for Turkey: Evidence from Borsa Istanbul 2012-2016

Hasan Hüseyin Yıldırım, Ceren Yıldız and Özgür Aydemir
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Hasan Hüseyin Yıldırım: Balikesir University
Ceren Yıldız: Balikesir University
Özgür Aydemir: Balikesir University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2018, vol. 33, issue 109, 9-30

Abstract: International investors are taking into consideration the portfolio preferences and ratings of rating agencies when selecting the markets they will invest in. In this sense, credit rating agencies’ explanations for countries are a factor affecting the country’s markets. In this study, the effect of S&P, Moody ‘s and Fitch’ s rating statements made for Turkey between 2012-2016 on the six sector indices listed in Stock Exchange Istanbul was analyzed via event study method in this study. It has been determined that the explanatory notes made in the analysis results have an effect approximately fifty percent on the selected indexes.

Keywords: Credit Agencies; Credit Rating; Istanbul Exchange; Indices (search for similar items in EconPapers)
JEL-codes: G10 G24 N20 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:33:y:2018:i:109:p:9-30

DOI: 10.33203/mfy.399104

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