Different from the prior studies that focus on the unidirectional relationship between industry returns and stock market in Pakistan, this study has examined the bi-directional causal relationship between industry returns and stock market returns by considering multiple structural breaks. Unlike...

The study covers three aspects; factors determining credit ratings, impact of credit ratings on performance of entities and the relationship between stock returns and credit ratings. The study focuses on the firms listed in Taiwan Stock Exchange (TSE) of Taiwan. The empirical analysis uses the...