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Niyama, J. K., Lourenço, I. C. & Branco, M. C. (2016). The valuation relevance of credit ratings: Empirical evidence from financial institutions around the world. In XVII Encuentro AECA. Bragança: Asociación Española de Contabilidad y Administración de Empresas.
J. K. Nyiama et al., "The valuation relevance of credit ratings: Empirical evidence from financial institutions around the world", in XVII Encuentro AECA, Bragança, Asociación Española de Contabilidad y Administración de Empresas, 2016
@inproceedings{nyiama2016_1734530268215, author = "Niyama, J. K. and Lourenço, I. C. and Branco, M. C.", title = "The valuation relevance of credit ratings: Empirical evidence from financial institutions around the world", booktitle = "XVII Encuentro AECA", year = "2016", editor = "", volume = "", number = "", series = "", publisher = "Asociación Española de Contabilidad y Administración de Empresas", address = "Bragança", organization = "Instituto Politécnico de Bragança", url = "http://xviiencuentroaeca.ipb.pt/indexpt.html" }
TY - CPAPER TI - The valuation relevance of credit ratings: Empirical evidence from financial institutions around the world T2 - XVII Encuentro AECA AU - Niyama, J. K. AU - Lourenço, I. C. AU - Branco, M. C. PY - 2016 CY - Bragança UR - http://xviiencuentroaeca.ipb.pt/indexpt.html AB - This study investigates whether the market valuation of the two summary accounting measures, book value of equity and net income, is higher (lower) for the financial institutions positively (negatively) rated by the Moddy’s and/or by the Standard and Poor’s, when compared to financial institutions that are not rated by these credit rating agencies. Findings suggest that positive ratings have an impact in valuation both in developed and emerging countries, and that in the case of emerging countries negative ratings do not impact market valuation significantly. Overall, the results are consistent with the idea that credit ratings are useful in reducing value uncertainty of the issuing firms and in mitigating information asymmetry in capital markets. ER -