01792cas a2200253 a 4500 AALejournalIMF001061 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451857016 1018-5941 BD-DhAAL BD-DhAAL Richards, Anthony. Bank Rating Changes and Bank Stock Returns-Puzzling Evidence from the Emerging Markets / Anthony Richards, David Deddouche. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the performance of emerging market bank stocks around the time of rating changes by major international agencies. The data suggest that downgrades on average have followed periods of negative cumulative abnormal returns for banks, although upgrades have not followed periods of positive returns. More important, stock prices either do not respond to rating changes or respond in the opposite direction to what would be expected if announcements conveyed value-relevant information. The paper concludes that there are limits to the extent that supervisors in emerging markets can rely on market participants to monitor the safety and soundness of banks. Mode of access: Internet Deddouche, David. IMF Working Papers; Working Paper ; No. 1999/151 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/151/001.1999.issue-151-en.xml IMF e-Library