The Effect of Commercial Paper Rating Changes and Credit-Watch Placement on Common Stock Prices

Fayez A Elayan, Brian A Maris and Philip J Young

The Financial Review, 1996, vol. 31, issue 1, 149-67

Abstract: The common stock price response to the announcement by Standard and Poor of CreditWatch placement and commercial paper re-ratings is examined. Results indicate a negative stock price response to negative placements on the CreditWatch list and to commercial paper rating reductions. A cross-sectional model is estimated to identify firm characteristics associated with the stock market response. Copyright 1996 by MIT Press.

Date: 1996
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