Do Rating Announcements Convey New Information
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Do Rating Announcements Convey New Information
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Author : Jan Klobucnik
language : en
Publisher: GRIN Verlag
Release Date : 2010-07
Do Rating Announcements Convey New Information written by Jan Klobucnik and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07 with Business & Economics categories.
Diploma Thesis from the year 2010 in the subject Economics - Statistics and Methods, grade: 1,3, University of Tubingen, language: English, abstract: Rating agencies play an important role on the capital markets; however, during the financial crisis 2007-2009 people began to question how good their assessments of credit quality really are. In my study, I empirically examine the effect of rating announcements from Standard & Poor's on the Credit Default Swap (CDS) Market. It contributes to the field of rating agencies' performance measurement. Based on Event Study Methodology and recent CDS data, I detect virtually no significant abnormal spread change at the announcement date neither for downgrades nor upgrades. However, the CDS show some anticipation prior to the event especially for downgradings. Considering the rating date, I find evidence for an asymmetric reaction where downgrades cause stronger movement in the spreads. As a result, it seems as if rating changes do not convey a great part of new information to the markets. At the same time, the significant anticipation indicates that the CDS market processes information more efficiently.
Do Rating Announcements Convey New Information
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Author : Jan Klobucnik
language : de
Publisher: diplom.de
Release Date : 2010-07-15
Do Rating Announcements Convey New Information written by Jan Klobucnik and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-15 with Business & Economics categories.
Inhaltsangabe:Introduction: Since the beginning of the last century, investors in capital markets have strongly relied on rating agencies assessments of credit quality to decide on investments. Due to their important role in debt markets, they are supposed to provide accurate ratings without delay. However, cases like the defaults of WorldCom or Enron have damaged their reputation. In particular, credit rating agencies have been heavily criticized for their role during the financial crisis of 2007-2009. Many economists blame the rating agencies for having played a major part in the securitization process of mortgage loans by providing too high rating grades; and thus sowing the seeds of the crisis. Having rated credit derivatives like collateralized debt obligations with best grades, the rating agencies encouraged banks and other financial institutions to keep these assets in their portfolios. As a result, it caused severe problems for the banking sector when these products heavily lost in value. Along with imprecise assessments of creditworthiness, the slow reaction of rating agencies has been critizised over the last few years. Therefore, the question of how well the agencies assess credit quality arises. This question is of great importance because of their dominant role on capital markets and the fact that decisions are made upon their ratings. To put it more precisely, this study asks whether the agencies process and convey new information to the market. On the other hand, it might be the case that market participants anticipate any change in the credit quality of a company before these institutions publish their assessments. Answering this question is of particular importance: if the rating announcements convey unknown information and the market reacts, then rating agencies are a systemic part of capital markets and policy should consider stricter regulation to prevent manipulation and failures like those described above. Conversely, if their announcements do not contain any new information or to put it differently, if markets react faster then we could think about using market based indicators instead in order to assess credit risk. In this case, the economic task of signaling creditworthiness could be handed over, among others, to Credit Default Swaps (see Chapter 2), which is also suggested by Hart & Zingales. This thesis contributes to the field of rating agencies performance measurement. Evaluating their announcements with the [...]
Does The Credit Default Swap Market Anticipate Or React To Credit Rating Agency Announcements
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Author : Rui Borrego
language : en
Publisher:
Release Date : 2010
Does The Credit Default Swap Market Anticipate Or React To Credit Rating Agency Announcements written by Rui Borrego and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Rating announcements do convey entirely new information to the market which is in most cases followed by significant changes in CDS premiums. For positive credit rating events we obtained mixed results which makes a clear verdict, on the question whether the CDS market is also able to anticipate positive rating events, difficult.
Market Reactions To The Credit Risk Announcements
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Author : Jungsoon Shin
language : en
Publisher:
Release Date : 2008
Market Reactions To The Credit Risk Announcements written by Jungsoon Shin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Using the extensive datasets, we analyze the effect of credit rating announcements on the bond and stock liquidities. We show that the average transaction costs increases (decreases) after downgrade (upgrade) credit rating news events. We interpret these results as evidence that liquidities improve or deteriorate following upgrade or downgrade announcement. We also find more pronounced phenomenon among the lower credit rated securities. That is, securities with poorer credit quality respond more strongly to the news announcements. Lastly, we report that the watchlists announcement convey more information contents than real rating changes.
The Rating Game An Empirical Assessment
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Author : Filippo Curti
language : en
Publisher:
Release Date : 2014
The Rating Game An Empirical Assessment written by Filippo Curti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The question of whether ratings agencies convey new information to financial markets when they assign new ratings or change previous ratings has been debated for at least 40 years. In this study I first examine equity market, bond market and CDS market reactions to long and short term rating changes from S & P, Fitch and Moody's. I find that not all the credit rating changes affect the market but only those classified as unanticipated. Subsequently, I study whether the regulatory setting, in which the Credit Ratings Agencies work, can possibly affect the financial markets reactions. Lastly I show that the probability of a future rating change is severely affected by different factors proportional hazard rate models.
Using Leaflets To Communicate With The Public About Services And Entitlements
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2006-01-25
Using Leaflets To Communicate With The Public About Services And Entitlements written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-25 with Political Science categories.
The Department for Work and Pensions (DWP) provides services to some 28 million people. Despite the development of new technology, printed materials, in particular leaflets, play an important role in ensuring that customers are informed of services and entitlements. This NAO report examines how effectively the DWP manages the provision of accurate information in its leaflets issued to customers, as well as communicating clearly and effectively about benefits and services. It focuses on how the DWP manages the risks associated with producing and issuing inaccurate leaflets; whether it can ensure that the information in leaflets is accurate and accessible; and whether leaflets are easily available for customers. Findings include that although the DWP has made progress in improving the design of some leaflets, it could go further to make them easier for the public to understand and get hold of, as well as improving checks on the accuracy of leaflets and its supply and printing arrangements so that the most recent versions are widely available.
Communicate
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Author : Janice A. Smith
language : en
Publisher: Waveland Press
Release Date : 2007-07-13
Communicate written by Janice A. Smith and has been published by Waveland Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-13 with Education categories.
Written for all types of ITA programsan independent study course, a brief workshop, or extensive trainingthis versatile text provides essential information for ITAs to develop strong teaching skills that ensure effective communication in the undergraduate classroom. The authors take the perspective that incoming ITAs are responsible for their own learning and teaching style. Each of the texts ten units includes work on English proficiency, teaching skills, and cultural awareness. Each unit centers around a common rhetorical teaching task in U.S. university classrooms: introducing oneself, introducing a syllabus, explaining a visual, defining a term, teaching a process, fielding questions, explaining complex topics at a basic level, presenting information over several class periods, and leading a discussion. Undergraduate textbook materials for fifteen academic fields are included in the appendix to provide ITAs with content relevant for practicing teaching and language skills. Because ITA programs vary in structure and number of training hours, the authors include a To the Instructor section, which is full of recommendations for the many ways the text can be used.
Princeton Review Ap Psychology Premium Prep 2021
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Author : The Princeton Review
language : en
Publisher: Princeton Review
Release Date : 2020-11-24
Princeton Review Ap Psychology Premium Prep 2021 written by The Princeton Review and has been published by Princeton Review this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-24 with Study Aids categories.
Make sure you’re studying with the most up-to-date prep materials! Look for the newest edition of this title, The Princeton Review AP Psychology Premium Prep, 2022 (ISBN: 9780525570721, on-sale August 2021). Publisher's Note: Products purchased from third-party sellers are not guaranteed by the publisher for quality or authenticity, and may not include access to online tests or materials included with the original product.
Pneumatic Conveying Design Guide
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Author : David Mills
language : en
Publisher: Butterworth-Heinemann
Release Date : 2013-10-22
Pneumatic Conveying Design Guide written by David Mills and has been published by Butterworth-Heinemann this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-22 with Technology & Engineering categories.
Pneumatic Conveying Design Guide is a guide for the design of pneumatic conveying systems and includes detailed data and information on the conveying characteristics of a number of materials with a wide range of properties. This book includes logic diagrams for design procedures and scaling parameters for the conveying line configuration. It also explains how to improve the performance of pneumatic conveyors by optimizing, uprating, and extending the system or adapting it for a change of material. This book consists of 15 chapters divided into three sections and opens with an overview of the state of the art on pneumatic conveying, along with definitions of the terms used in pneumatic conveying. The next chapter describes the various types of pneumatic conveying systems and the parameters that influence their capabilities in terms of material flow rate and conveying distance. The discussion then turns to feeding and discharging of the conveying line; selection of a pneumatic conveying system for a particular application; and design procedures for pneumatic conveying system. The theory and use of compressed air in pneumatic conveying are also considered, along with the effect of material properties on conveying performance; troubleshooting; and operational problems and some solutions. The final chapter is devoted to the use of bench-scale test methods to determine the material properties relevant to pneumatic conveying. This monograph is intended for designers and users of pneumatic conveying systems.
Market Reaction To Credit Rating Announcements In The Irish Stock Market
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Author : Charlie Charoenwong
language : en
Publisher:
Release Date : 2008
Market Reaction To Credit Rating Announcements In The Irish Stock Market written by Charlie Charoenwong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
The topic of whether credit rating announcements are informational is becoming an internationally debated subject. There are, however, no conclusive findings up to now. Unlike previous studies that are largely based on large stock markets this research, by assessing the market abnormal returns, examines whether credit rating announcements convey more valuable information to investors in a relative small market, the Irish stock market, than to investors in a large market. This study finds evidence that is consistent with US, UK and Australian studies. These studies show that only bad news is associated with significant negative market abnormal returns. The findings suggest that only negative credit announcements providing a certification function are informational. Moreover, the cross-sectional multivariate test results suggest that a firm's leverage measured by the debt-to-asset ratio is essentially an important factor in relating a firm's abnormal returns due to credit rating announcement releases.