Öz
In this study, the effect of announcements, which were made by Standard & Poor's, Moody’s and Fitch related to Turkey’s sovereign credit ratings, on CDS spreads in the period between 31.10.2001 and 09.03.2015 was examined with the event study method. As a result of the conducted analysis, it has been determined that announcements made on upgrade of credit ratings or upward revisions in the sovereign’s credit outlook did not lead to a significant differentiation in the 14-day period which surrounds the announcement date. On the other hand, it has been determined that announcements made on downgrade of credit ratings or downward revisions in the sovereign’s credit outlook led to a significant differentiation in the 7-day period preceding the announcement and in the 7-day period following the announcement. It was determined that CDS spreads showed an abnormal increase in the 7-day period preceding the date on which the downgrade of credit ratings or downward revisions in the sovereign’s credit outlook in question were announced and showed an abnormal decrease in the 7-day period which follows the announcement.
Ayrıntılar
| Bölüm | Articles |
|---|---|
| Yazarlar | |
| Yayımlanma Tarihi | 15 Ocak 2016 |
| Yayımlandığı Sayı | Yıl 2015 Cilt: 2 Sayı: 4 |
Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.
Ethics Policy - JEFA applies the standards of Committee on Publication Ethics (COPE). JEFA is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract and method).
Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.