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Author
Chodnicka-Jaworska Patrycja (Uniwersytet Warszawski), Jaworski Piotr (Uniwersytet Warszawski)
Title
Wpływ decyzji agencji ratingowych na ceny akcji polskich spółek giełdowych
Impact of Credit Rating Agencies' Decisions on Stock Prices of Polish Listed Companies
Source
Studia Ekonomiczne / Uniwersytet Ekonomiczny w Katowicach, 2017, nr 311, s. 125-134, tab., bibliogr. 21 poz.
Keyword
Ocena zdolności kredytowej, Agencje ratingowe, Ceny akcji, Spółki giełdowe
Credit rating, Rating agency, Shares prices, Stock market companies
Note
streszcz., summ.
Abstract
Celem artykułu jest analiza i ocena wpływu decyzji agencji ratingowych na ceny akcji polskich spółek giełdowych. Dokonano przeglądu literaturowego analizowanego zjawiska. Postawiono hipotezy badawcze: Ceny akcji polskich spółek giełdowych reagują na obniżkę i podwyżkę not ratingowych. Stopy zwrotu z cen akcji są wrażliwe na zmiany nastawienia. Badanie wykonano na danych dziennych dla lat 2000-2015 przy wykorzystaniu metody event study. Jako zmienną zależną wykorzystano długoterminowe noty ratingowe emitenta.(abstrakt oryginalny)

The aim of the article was to analyze the impact of credit rating agencies' decisions on stock prices of Polish listed companies. It has been prepared the literature review of the analyzed phenomenon. There have been put the hypotheses: The stock prices of the Polish listed companies react on the downgrades and upgrades of credit ratings. The rates of return of share prices are sensitive on countries' credit rating changes. The research has been made on daily data for 2000-2015 period of time by using the event study methodology. As a dependent variable there have been used long- -term issuer credit ratings.(original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
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Bibliography
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ISSN
2083-8611
Language
pol
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