Template-type: ReDIF-Paper 1.0
Author-Name: Pilar Abad   
Author-Email: pilar.abad@urjc.es
Author-Person: pab62
Author-Homepage: http://pabad.webs.uvigo.es/
Author-Workplace-Name: Universidad Rey Juan Carlos, Departamento de Fundamentos del Análisis Económico
Author-Workplace-Homepage: https://www.urjc.es/
Author-Name: Antonio Diaz
Author-Email: antonio.diaz@uclm.es
Author-Workplace-Name: Universidad Castilla la Mancha
Author-Name: M. Dolores Robles-Fernandez
Author-Email: mdrobles@ccee.ucm.es
Author-Person: pro91 
Author-Workplace-Name: Instituto Complutense de Analisis Economico (ICAE) (UCM Institute for Economic Analysis), 
	Facultad de Ciencias Económicas y Empresariales (Faculty of Economics and Business), Universidad Complutense 
	de Madrid
Author-Workplace-Homepage: https://www.ucm.es/icae/
Author-Workplace-Name: Departamento de Economía Cuantitativa (Department of Quantitative Economics), Facultad de 
	Ciencias Económicas y Empresariales (Faculty of Economics and Business), Universidad Complutense de 
	Madrid
Author-Workplace-Homepage: https://www.ucm.es/fundamentos-analisis-economico2
Title: Determinants of trading activity after rating actions in the Corporate Debt Market
Abstract: The influence of rating announcements on corporate debt market trading has been previously overlooked. 
	Based on an event study, we examine the effects of the three types of announcements provided by credit 
	rating agencies on abnormal trading volume and trading frequency in the Spanish corporate debt market. 
	Additionally, by means of cross-section regressions, we establish what factors determine the sign and 
	intensity of the trading reactions. The presented results indicate that factors related to the 
	characteristics of the rating announcement, the issuing company and the economic environment are relevant 
	in light of several hypotheses.
Classification-JEL: G12, G14, C34.
Keywords: Rating agencies, Rating announcementes, Trading volume, Trading frequency
Length: 27 pages 
Creation-Date: 2011 
Number: 2011-37
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doicae1137.txt
File-URL: https://eprints.ucm.es/id/eprint/13980/1/1137.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doicae:1137