银行信用评级外文文献.pdf

INFORMATION CONTENT OF BANK CREDIT RATING CHANGES Evidence from Europe Master麓s Thesis in Accounting and Finance Author: Lauri Inkinen Supervisors: Prof. Hannu Schadewitz Ph.D. Vesa Partanen 1.8.2016 Turku Turun kauppakorkeakoulu 鈥 Turku School of Economics The originality of this thesis has been checked in accordance with the University of Turku quality assurance system using the Turnitin OriginalityCheck service. Table of contents 1 INTRODUCTION 7 1.1 Growing importance of credit ratings 7 1.2 Study objective 9 1.3 Event study methodology 10 1.4 Thesis structure 12 2 THEORY AND LITERATURE 14 2.1 Credit rating industry 14 2.1.1 Development and current state of the industry 14 2.1.2 Functions of credit ratings 17 2.1.3 Rating types and scales 19 2.1.4 Rating process 21 2.1.5 Criticism of rating agencies 23 2.2 Features of the banking industry and the role of credit ratings 25 2.2.1 Overview of the industry 25 2.2.2 Rating-based regulation in banking 26 2.2.3 Characteristics of the European banking sector 28 2.3 Review of literature of credit rating announcements 29 2.3.1 Introduction to the research field 29 2.3.2 Debt market reaction 31 2.3.3 St