Oczekiwanie zmiany nastawienia credit ratings banków a kursy akcji przy uwzględnieniu poziomu rozwoju gospodarczego kraju

The aim of the paper is verifcation of the following hypothesis the share prices of banks have stronger reaction to bank credit rating announcements changes for a downgrade, both in developed and developing economies. The analysis (event study method) has been based on data from Thomson Reuters for the years 1980–2015 for 24 countries. Outlooks and watch lists proposed by all credit rating agencies have been used as an independent variable. Daily differences between the logarithmized rates of return of banks’ shares have been used as dependent variable.