The Impact of International Credit Rating Agencies Notes on The Stock Markets of Turkey: Application on Selected Sector Indices in BIST 100
Journal Title: Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi - Year 2019, Vol 3, Issue 1
Abstract
With the recent developments in information and communication technologies and the elimination of barriers limiting the movement of capital, the integration between financial markets has gradually increased as financial markets have been reached all over the world at the same time. Developments have deeply affected and linked countries to each other. Thanks to the developments in financial markets and integration, all investors, either individual or institutional, have trouble getting information about the countries they will invest in. At this point, credit rating agencies have emerged in order to eliminate the problem of trust regarding the investors' country or business. International credit rating agencies are aiming to minimize the problem of information asymmetry between the financial markets and the surplus and fund deficit parties. International credit rating agencies can be considered as an indicator of the ability of the country to meet the financial liabilities and, in other words, the credit risk of the countries. When evaluated in this respect, it is observed that the countries' credit rating grades are effective on the access to international markets, borrowing costs, and potential investor capacity. From this point of dealt with the S & P, Moody's and Fitch's 2002-2018 between the years will be examined using the event study methodology to be BIST 100 also after credit rating descriptions which have been given to Turkey is the impact on selected sectors concerned is located.
Authors and Affiliations
Serdar KUZU
Keywords
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- DOI 10.31200/makuubd.536387
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