แจ้งเอกสารไม่ครบถ้วน, ไม่ตรงกับชื่อเรื่อง หรือมีข้อผิดพลาดเกี่ยวกับเอกสาร ติดต่อที่นี่ ==>
หากไม่มีอีเมลผู้รับให้กรอก thailis-noc@uni.net.th
หากไม่มีอีเมลผู้รับให้กรอก thailis-noc@uni.net.th
Sudarat Pangsuwan. The impact of credit rating changes on stock and corporate bonds : evidence from Thai capital markets. Master's Degree(Finance). Chulalongkorn University. Office of Academic Resources. : Chulalongkorn University, 2013.
The impact of credit rating changes on stock and corporate bonds : evidence from Thai capital markets
ผลกระทบของการเปลี่ยนแปลงการจัดอันดับความน่าเชื่อถือหุ้นกู้ต่อราคาหุ้นและหุ้นกู้ : หลักฐานเชิงประจักษ์จากตลาดทุนไทย
Name: Sudarat Pangsuwan
LCSH:
Credit ratings
LCSH:
Reliability
LCSH:
Corporate bonds
-- Prices
LCSH:
Capital market
-- Thailand
Abstract:
This thesis examines the impact of credit rating changes on stock prices during 1996 2012 and on corporate bond prices during 2006 2012, which rating changes are announced by TRIS rating, Fitch rating (Thailand), Moodys and S&P. The results suggest that credit rating changes provide new and valuable information to stock and corporate bond market participants. There are significant positive (negative) abnormal returns during rating upgrade (downgrade) announcements for both stock and corporate bond markets. The results report that corporate bond prices significantly react to rating changes stronger and larger than stock prices. Corporate bonds take longer time than stocks in absorbing the rating change news and adjusting its prices after the announcement, which lead to significant abnormal returns for many days after announcement date. Moreover, the results suggest that firm industries and credit rating agencies are factors that influence different abnormal returns during rating change announcements. Financial firms are more influential than non-financial firms; and global rating agencies (Moodys and S&P) are more influential than local rating agencies (TRIS and Fitch rating).
Chulalongkorn University. Office of Academic Resources
Address:
BANGKOK
Email:
cuir@car.chula.ac.th
Name: Anirut Pisedtasalasai
Role:
advisor
Created:
2013
Modified:
2020-02-09
Issued:
2020-02-09
วิทยานิพนธ์/Thesis
application/pdf
URL: http://cuir.car.chula.ac.th/handle/123456789/53002
eng
DegreeName: Master of Science
Level: Master's Degree
Descipline: Finance
Grantor: Chulalongkorn University
©copyrights Chulalongkorn University
RightsAccess:
ใช้เวลา
0.030545 วินาที
Sudarat Pangsuwan
| Title | Contributor | Type |
|---|---|---|
| The impact of credit rating changes on stock and corporate bonds : evidence from Thai capital markets
จุฬาลงกรณ์มหาวิทยาลัย Sudarat Pangsuwan | Anirut Pisedtasalasai | วิทยานิพนธ์/Thesis |
Anirut Pisedtasalasai