• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
    • Executive Editor: Ms. Fiona Chu
    • Abstracting/ Indexing:  CNKI, Google Scholar, Crossref
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HOME > Archive > 2016 > Volume 4 Number 2 (Feb. 2016) >
JOEBM 2016 Vol.4(2): 138-143 ISSN: 2301-3567
DOI: 10.7763/JOEBM.2016.V4.380

Event Study of Credit Rating Announcement in the Tokyo Stock Market

Michiko Miyamoto

Abstract— This research examines the market reaction to announcements of credit rating assignments for debt issued by Japanese companies before the subprime loan problem. In this study with Japanese companies, the market reacted positively with negative announcement. Stock prices seem to react before the information of rating changes is announced. Market participants seem to act on rumors of rating changes.

Index Terms— Event study, credit ratings, Tokyo stock market.

Michiko Miyamoto is with the Akita Prefectural University, Japan (e-mail: miyamoto@ism.ac.jp).

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Cite: Michiko Miyamoto, " Event Study of Credit Rating Announcement in the Tokyo Stock Market," Journal of Economics, Business and Management vol. 4, no. 2, pp. 138-143, 2016.

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