Wpływ decyzji agencji ratingowych na ceny akcji polskich spółek giełdowych

• Authors: Chodnicka-Jaworska Patrycja , Jaworski Piotr

Title variants

EN

Impact of credit rating agencies’ decisions on stock prices of Polish listed companies

• Languages of publication: PL

Abstracts

PL

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.

EN

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.

Keywords

PL

Ceny akcji; Credit rating; Stopy zwrotu

EN

Credit rating; Rates of return; Stock prices

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2017
• Volume: 311
• Pages: 125-134

Contributors

author

Chodnicka-Jaworska Patrycja

• Uniwersytet Warszawski. Wydział Zarządzania. Katedra Systemów Finansowych Gospodarki

author

Jaworski Piotr

• Uniwersytet Warszawski. Wydział Zarządzania. Katedra Systemów Finansowych Gospodarki

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Identifiers

ISSN

2083-8611