Zapowiedzi zmian credit ratingów banków a zmiany cen akcji
Announcements of banks’ credit ratings changes and stock prices changes

Summary/Abstract: The aim of the article is to analyse the impact of signals about the banks’ credit rating changes on their stock prices. In the article provides the literature review about the impact of credit rating changes and their announcements on the stock prices of entities and financial institutions. As a result the hypothesis was proposed: banks’ stock prices react significantly to the signals about the downgrades of the credit rating changes and are insensitive to the upgrades. The analysis used data collected from the Thomson Reuters database for 2000– –2015 for the share prices of banks listed on the stock exchanges in 23 European countries, a total of 658 banks. The hypothesis has been verified by using the event study method. As the dependent variables the logarithmized rates of return of stock prices were taken, and as the independent variables we employed the watch lists and outlooks of long–term issuer credit ratings given by S&P and Moody’s.

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