Wpływ ratingów kredytowych na kurs akcji
The Influence of Credit Rating on the Stock Prices

Summary/Abstract: Purpose – The aim of the article is to analyse the impact of banks’ credit rating changes on share prices. Design/methodology/approach – In the study are used long-term issuer credit ratings of European banks assigned by Standard & Poor’s Investor Service in the period of time 1980–2015. As a dependent variable was chosen rate of return of shares. Analysis was performed by using the event study method. Findings – The prepared research suggests a significant impact of the decrease credit rating on the stock prices. The increase in credit rating not less effect on prices. Originality/value – The analysis was performed for all banks in European countries for the long period of time.

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