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The determinants of Brazilian corporate credit ratings: how did the market react to sovereign downgrades?

Submitted by Nicolò Rocca (nicolo.rocca@outlook.com) on 2017-02-22T22:26:19Z
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FGV-EESP Dissertation Nicolò Rocca.pdf: 1754308 bytes, checksum: 9f5af21bb7819365b18cde149f924fff (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason:
Dear Nicolo,

Please, it’s necessary to correct some things in your thesis:
• Withdraw the pages numbers before the introduction, but they must to be considered, the numbers need to start in the introduction and they must to be on the superior right side of the page;
• At the Page 3 – You need to ask the Ficha catalográfica code for Biblioteca, according the orientation sent to you by email, it’s the first step:
Step 1: Ficha Catalográfica: To fill in the “Ficha Catalográfica”, access the link: http://sistema.bibliotecas-sp.fgv.br/ficha_catalografica, fill the information and await for the email the “Biblioteca Digital (Digital Library)” will send you (it might take up to 72 hours to be processed and sent to your email address).
• At the page 4 - Data da aprovação: thesis presentation date
Withdraw the small line above the professor’s names
on 2017-02-23T12:11:41Z (GMT) / Submitted by Nicolò Rocca (nicolo.rocca@outlook.com) on 2017-02-23T21:47:00Z
No. of bitstreams: 1
FGV-EESP Dissertation Nicolò Rocca.pdf: 1720638 bytes, checksum: 4e69717cae8077ae5c8dfd5e481e84c6 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-02-24T11:55:31Z (GMT) No. of bitstreams: 1
FGV-EESP Dissertation Nicolò Rocca.pdf: 1720638 bytes, checksum: 4e69717cae8077ae5c8dfd5e481e84c6 (MD5) / Made available in DSpace on 2017-03-02T15:59:08Z (GMT). No. of bitstreams: 1
FGV-EESP Dissertation Nicolò Rocca.pdf: 1720638 bytes, checksum: 4e69717cae8077ae5c8dfd5e481e84c6 (MD5)
Previous issue date: 2017-01-30 / First and foremost, I would like to thank my supervisors, Professor Miguel Ferreira at Nova SBE and Professor Ricardo Rochman at FGV-EESP, for their constructive feedback and insightful guidance throughout the research. I would also like to thank all the members of International Master in Finance Brazil-Europe for providing me deep knowledge in the areas of corporate finance, quantitative analysis, management of financial institutions and investment banking necessary to excel in today’s international financial markets. Furthermore, I would also like to express gratitude for the extensive facilities provided by the institutions, for the staff and for the IMF program that blends analytical, applied and scientific rigor. I would like to express my most sincere gratitude to my family for providing me continuous encouragement throughout my years of university. Thanks to all of them. / O primeiro objetivo desta pesquisa é estudar quais são os principais determinantes das mudanças nas classificações de crédito corporativo brasileiro fornecidas pela Standard & Poor's. As regressões de painel são aplicadas para analisar as relações entre classificações e sete determinantes. Os resultados mostram cinco determinantes estatisticamente significativos. A segunda parte do estudo examina como as empresas brasileiras listadas reagiram às recentes baixas soberanas emitidas pela Standard & Poor, pela Moody's e pela Fitch. Metodologia do estudo do evento é usada. Todos os eventos apresentam evidências empíricas de retornos anormais negativos, mostrando uma forte correlação negativa entre as ações negativas de rating de crédito eo mercado de ações brasileiro. Ao agregar os eventos, os downgrades ao território da sucata e as mudanças da avaliação de Moody's são aquelas que derrubam estoques retornam o mais.

Identiferoai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/17983
Date30 January 2017
CreatorsRocca, Nicolò
ContributorsFerreira, Miguel, Silva, Andrè Castro, Escolas::EESP, Rochman, Ricardo Ratner
Source SetsIBICT Brazilian ETDs
LanguageEnglish
Detected LanguageEnglish
Typeinfo:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis
Sourcereponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV
Rightsinfo:eu-repo/semantics/openAccess

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