haku: @indexterm Company ranking / yhteensä: 633
viite: 234 / 633
| Tekijä: | Felton, J. Hearth, D. Liu, P. |
| Otsikko: | The information content of security analyses: evidence from Standard and Poor's common stock quality ranking changes |
| Lehti: | Journal of Business Finance and Accounting
1995 : OCT, VOL. 22:7, p. 975-990 |
| Asiasana: | STANDARDS CHANGE COMPANY RANKING |
| Kieli: | eng |
| Tiivistelmä: | This paper examines stock price reactions to changes in Standard and Poor's common stock rankings. Using internal memoranda obtained directly from Standard and Poor's, an event study methodology, and a sample of 191 upgrades and 582 downgrades, the authors find that the majority of stock price reactions occur prior to memorandum dates. A Wall Street Journal Index search reveals that Standard and Poor's makes 97% of its ranking changes following earnings announcements. However, the authors find stock price reactions subsequent to ranking changes for four or six portfolios of upgrades and three of six portfolios of downgrades. |
SCIMA