Ekonomi ve Yönetim Araştırmaları Dergisi
Yazarlar: Erkan POYRAZ, Bilge Türkün KAYA
Konular:-
Anahtar Kelimeler:Credit Rating Agencies,Sovereign Credit Rating,Moody’s,S&P,Fitch,Borsa İstanbul,Event Study Methodology.
Özet: Research Paper Sovereign credit rating notes and outlook notifications issued by international credit rating agencies play a major role in the economic, financial and commercial position of countries. In this study, the impact of sovereign credit rating and outlook notifications for Turkey which are given by Moody's, Standard & Poor's, and Fitch on financial markets in Turkey has been investigated. In this context, the effects of the related disclosures in 2014-2018, on the daily return of BIST 100 index have been comparatively examined by 12 groups. In the context of analysis, event study methodology has been used. According to the results of the analysis, it was found that downgrade disclosures had a statistically significant and negative effect on stock returns. Although note confirmation disclosures have a limited effect on returns, the results are not significant in the 0.95 confidence interval. Since no grade upgrades were made in the relevant date range, this effect could not be examined. By comparing credit rating agencies, companies are listed as S&P, Moody’s and Fitch by the means of effect of the disclosures on the stock exchange from the strongest to the weakest