Are there contagion or competition effects for non rated firms?The case of successive bond rating downgrades of Alcatel
Maxime Merli and
Alain Schatt ()
Working Papers CREGO from Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations
The object of this paper is to study the impact of successive changes in ratings of the leading firm on non rated firms belonging to the same stock index sector. Two courses of research are being mobilized regarding, on the one hand, the incidence of downgrading of ratings on the value of the firms and on the other hand, the contagion effects associated with the report of bad news. The analysis of the successive downgrading of the ratings of Alcatel, world leader in the telecommunications infrastructure, allows us to point out minor contagion effects among non rated French firms belonging to the same stock index sector.
Keywords: ratings; contagion effects; information transfer; event studies. (search for similar items in EconPapers)
JEL-codes: G14 G30 (search for similar items in EconPapers)
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Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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