Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
In the international capital markets, credit ratings are indispensable firm evaluation tool. Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises,...
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| Formato: | Objeto de conferencia |
| Lenguaje: | Portugués |
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2005
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| Acceso en línea: | http://sedici.unlp.edu.ar/handle/10915/164336 |
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I19-R120-10915-164336 |
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I19-R120-10915-1643362024-03-27T20:01:48Z http://sedici.unlp.edu.ar/handle/10915/164336 Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras Broker Bone, Rosemarie Pontual Riveiro, Eduardo 2005-11 2005 2024-03-27T18:03:10Z pt Ciencias Económicas credit ratings information, oil industry ratings de crédito informação indústria do petróleo In the international capital markets, credit ratings are indispensable firm evaluation tool. Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises, say critics. In addition, the quasi-duopoly with effectively no entry weakens market discipline that would induce accurate and timely evaluation. We test the informational content of credit ratings, looking at the case of Repsol-YPF Argentina and Petrobras, two large oil companies that are above the sovereign ceiling. Using complementary methods, the results suggest that, in general, credit rating changes not bring new information to the stock market and are predictable with a small set of publicly available information with small error. Ratings corporativos são indicadores indispensáveis para o financiamento de empresas. As agências alegam que eles trazem informações privilegiadas. Todavia há críticas em relação ás agências, pois elas não prevêem defaults e exageram após as crises. O quaseduopólio, com barreira á entrada, reduz a disciplina de mercado sobre os erros de avaliação das empresas. Neste artigo, testa-se o conteúdo informacional dos ratings, olhando o caso da Repsol-YPF Argentina e Petrobras, importantes empresas que romperam o teto soberano dos países domicílio. Usando metodologias complementares pela primeira vez na literatura, os resultados sugerem que os ratings possuem limitado conteúdo informacional. Facultad de Ciencias Económicas Objeto de conferencia Objeto de conferencia http://creativecommons.org/licenses/by-nc-sa/4.0/ Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) application/pdf |
| institution |
Universidad Nacional de La Plata |
| institution_str |
I-19 |
| repository_str |
R-120 |
| collection |
SEDICI (UNLP) |
| language |
Portugués |
| topic |
Ciencias Económicas credit ratings information, oil industry ratings de crédito informação indústria do petróleo |
| spellingShingle |
Ciencias Económicas credit ratings information, oil industry ratings de crédito informação indústria do petróleo Broker Bone, Rosemarie Pontual Riveiro, Eduardo Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras |
| topic_facet |
Ciencias Económicas credit ratings information, oil industry ratings de crédito informação indústria do petróleo |
| description |
In the international capital markets, credit ratings are indispensable firm evaluation tool.
Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises, say critics. In addition, the quasi-duopoly with effectively no entry weakens market discipline that would induce accurate and timely evaluation. We test the informational content of credit ratings, looking at the case of Repsol-YPF Argentina and Petrobras, two large oil companies that are above the sovereign ceiling. Using complementary methods, the results suggest that, in general, credit rating changes not bring new information to the stock market and are predictable with a small set of publicly available information with small error. |
| format |
Objeto de conferencia Objeto de conferencia |
| author |
Broker Bone, Rosemarie Pontual Riveiro, Eduardo |
| author_facet |
Broker Bone, Rosemarie Pontual Riveiro, Eduardo |
| author_sort |
Broker Bone, Rosemarie |
| title |
Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras |
| title_short |
Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras |
| title_full |
Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras |
| title_fullStr |
Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras |
| title_full_unstemmed |
Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras |
| title_sort |
conteúdo informacional de ratings corporativos: o caso da repsol-ypf e petrobras |
| publishDate |
2005 |
| url |
http://sedici.unlp.edu.ar/handle/10915/164336 |
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AT brokerbonerosemarie conteudoinformacionalderatingscorporativosocasodarepsolypfepetrobras AT pontualriveiroeduardo conteudoinformacionalderatingscorporativosocasodarepsolypfepetrobras |
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