An lnvestigation of the short-run and long-run stock returns surrounding insurer rating changes

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<title>lnvestigation of the short-run and long-run stock returns surrounding insurer rating changes</title>
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<abstract displayLabel="Summary">We find that stock returns move in the direction of insurer rating changes in the 12-month period prior to the announcement. There is an additional stock price response following the announcement of a downgrade, but no response to upgrade announcements. The reaction to a downgrade is more pronounced when it involves a smaller insurer, when it spans multiple levels, or when it is a threshold downgrade. Returns are significantly more negative during the 12 months leading up to a downgrade announcement during the financial crisis (2008 and 2009) compared to other sample years</abstract>
<note type="statement of responsibility">Leon Chen, Jennifer J. Gaver, Steven W. Pottier</note>
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<topic>Mercado de seguros</topic>
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<topic>Análisis del valor para el accionista</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>01/03/2018 Volumen 85 Número 1 - marzo 2018 , p. 35-67</text>
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