신용평가사의 역할에 대한 고찰 : 사건연구를 통한 분석
A Study on the Role of Korean Credit Rating Agencies
류두원(고려대학교); 류두진(성균관대학교); 양희진(숭실대학교); 홍기택(중앙대학교)
40권 4호, 123~144쪽
초록
Through the event study methodology and the case study on the Company T and its subsidiaries, this study analyzes the effect of credit rating downgrade in the Korean stock market. Our empirical results cast some doubts on whether credit rating agencies made adequate credit rating adjustments on the Chaebol companies, and suggest that little information was provided to the bond market investors. This study provides some policy implications by recommending that regulators encourage credit rating agencies to provide more accurate and appropriate information to market participants.
Abstract
Through the event study methodology and the case study on the Company T and its subsidiaries, this study analyzes the effect of credit rating downgrade in the Korean stock market. Our empirical results cast some doubts on whether credit rating agencies made adequate credit rating adjustments on the Chaebol companies, and suggest that little information was provided to the bond market investors. This study provides some policy implications by recommending that regulators encourage credit rating agencies to provide more accurate and appropriate information to market participants.
- 발행기관:
- 한국경영과학회
- 분류:
- 경영학