CAMBIOS EN EL RATING DE BONOS Y SU EFECTO EN LOS PRECIOS ACCIONARIOS: EL CASO CHILENO

Franco Parisi and Daniel Perez
Additional contact information
Daniel Perez: Escuela de Graduados, Universidad de Chile.

Abante, 2000, vol. 3, issue 2, 249-273

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.

Keywords: Rating; Cumulative Average Returns; Bootstrap; Rating Changes; Comisión Clasificadora de Riesgo; Chile (search for similar items in EconPapers)
JEL-codes: G14 G15 G19 (search for similar items in EconPapers)
Date: 2000
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.abante.cl/files/ABT/Contenidos/Vol-3-N2/5%20Parisis%20Perez.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pch:abante:v:3:y:2000:i:2:p:249-273

Ordering information: This journal article can be ordered from

Access Statistics for this article

Abante is currently edited by Eduardo Walker

More articles in Abante from Escuela de Administracion. Pontificia Universidad Católica de Chile. Contact information at EDIRC.
Bibliographic data for series maintained by Eduardo Walker ().