Behr, Patrick; Güttler, André - In: Journal of Banking & Finance 32 (2008) 4, pp. 587-599
This paper investigates whether the stock market reacts to unsolicited ratings for a sample of firms rated by S&P between January 1996 and December 2005. We first analyze the stock market reaction to the assignment of an initial unsolicited rating. We find evidence that this reaction is negative...