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The Effects of Credit Rating Agencies S&P, Moody’s and Fitch’s Notes on Stock Indices for Turkey: Evidence from Borsa Istanbul 2012-2016

Author

Listed:
  • Hasan Hüseyin Yıldırım

    (Balikesir University)

  • Ceren Yıldız

    (Balikesir University)

  • Özgür Aydemir

    (Balikesir University)

Abstract

International investors are taking into consideration the portfolio preferences and ratings of rating agencies when selecting the markets they will invest in. In this sense, credit rating agencies’ explanations for countries are a factor affecting the country’s markets. In this study, the effect of S&P, Moody ‘s and Fitch’ s rating statements made for Turkey between 2012-2016 on the six sector indices listed in Stock Exchange Istanbul was analyzed via event study method in this study. It has been determined that the explanatory notes made in the analysis results have an effect approximately fifty percent on the selected indexes.

Suggested Citation

  • Hasan Hüseyin Yıldırım & Ceren Yıldız & Özgür Aydemir, 2018. "The Effects of Credit Rating Agencies S&P, Moody’s and Fitch’s Notes on Stock Indices for Turkey: Evidence from Borsa Istanbul 2012-2016," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 33(109), pages 9-30, April.
    • Handle: RePEc:acc:malfin:v:33:y:2018:i:109:p:9-30
    DOI: https://doi.org/10.33203/mfy.399104
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    More about this item

    Keywords

    Credit Agencies; Credit Rating; Istanbul Exchange; Indices;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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