IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04295225.html
   My bibliography  Save this paper

Disentangling the Genuine Effect of CRAs’ Rating Announcements from Investigator Bias on Stock Markets: A Meta-analysis

Author

Listed:
  • Christine Louargant

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • Patrice Laroche

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • Jean-Noël Ory

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • Jerome Hubler

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

Abstract

There is considerable debate in the literature regarding the effects of CRA's rating announcements on stock market reactions. The aim of this study is to examine the significance of the market reaction to CRAs' announcement by using a meta-analysis approach. We implement a two-stage procedure, relying on logistic meta-regressions based on a sample of 78 articles published in academic journals, covering a period from 1978 to 2021 and a wide range of countries. We find that the significance of the abnormal returns and their degree of significance is partly explained by the informational content of CRAs announcement and partly by methodological choices made by the authors.

Suggested Citation

  • Christine Louargant & Patrice Laroche & Jean-Noël Ory & Jerome Hubler, 2023. "Disentangling the Genuine Effect of CRAs’ Rating Announcements from Investigator Bias on Stock Markets: A Meta-analysis," Post-Print hal-04295225, HAL.
    • Handle: RePEc:hal:journl:hal-04295225
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04295225. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.