기업의 신용등급변화가 주가수익률에 미치는 영향 : 기업어음 등급변경을 중심으로 Credit Rating Change of Commercial Paper = The Effect of Credit Rating Change on Stock Price Returns

다국어 초록 (Multilingual Abstract)

To see whether positive or negative abnormal returns exist when corporate's credit rate evaluated by commercial paper is adjusted upward or downward in within-group,between-group and all kinds of group, I examines the abnoumal returns on 132 listing firms' commercial papers.When the three Credit rating Firms(NICC,KIS,and KMCC)in Korea, decreases credit rates of commercial paper, negative average abnormal returns exist at within-group,between-group and all kinds of group.
On the contrary, when Credit Rating Firms increases credit rates of commercial paper,it appears also negative return effects to firms.
I infer the estimating period,1999 which was two years after the IMF ear begins,would influence the nagative return effects to investors.
Because the 1999 was year which most of investors concentrate their concerns on the firm's credit ratings,the news itself that is now evaluating firms would have a negative information effect firms.

목차 (Table of Contents)

• 제1장 연구의 필요성
• 제2장 신용평가지표와 기존연구
• 제1절 신용평가지표
• 제2절 기존연구
• 제3장 실증분석
• 제1절 표본선정과 가설설정
• 제2절 실증분석방법
• 제3절 분석결과
• 제4장 결론