Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras

Autores
Broker Bone, Rosemarie; Pontual Riveiro, Eduardo
Año de publicación
2005
Idioma
portugués
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
In the international capital markets, credit ratings are indispensable firm evaluation tool. Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises, say critics. In addition, the quasi-duopoly with effectively no entry weakens market discipline that would induce accurate and timely evaluation. We test the informational content of credit ratings, looking at the case of Repsol-YPF Argentina and Petrobras, two large oil companies that are above the sovereign ceiling. Using complementary methods, the results suggest that, in general, credit rating changes not bring new information to the stock market and are predictable with a small set of publicly available information with small error.
Ratings corporativos são indicadores indispensáveis para o financiamento de empresas. As agências alegam que eles trazem informações privilegiadas. Todavia há críticas em relação ás agências, pois elas não prevêem defaults e exageram após as crises. O quaseduopólio, com barreira á entrada, reduz a disciplina de mercado sobre os erros de avaliação das empresas. Neste artigo, testa-se o conteúdo informacional dos ratings, olhando o caso da Repsol-YPF Argentina e Petrobras, importantes empresas que romperam o teto soberano dos países domicílio. Usando metodologias complementares pela primeira vez na literatura, os resultados sugerem que os ratings possuem limitado conteúdo informacional.
Facultad de Ciencias Económicas
Materia
Ciencias Económicas
credit ratings
information, oil industry
ratings de crédito
informação
indústria do petróleo
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/164336
Acceder
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spelling Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e PetrobrasBroker Bone, RosemariePontual Riveiro, EduardoCiencias Económicascredit ratingsinformation, oil industryratings de créditoinformaçãoindústria do petróleoIn the international capital markets, credit ratings are indispensable firm evaluation tool. Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises, say critics. In addition, the quasi-duopoly with effectively no entry weakens market discipline that would induce accurate and timely evaluation. We test the informational content of credit ratings, looking at the case of Repsol-YPF Argentina and Petrobras, two large oil companies that are above the sovereign ceiling. Using complementary methods, the results suggest that, in general, credit rating changes not bring new information to the stock market and are predictable with a small set of publicly available information with small error.Ratings corporativos são indicadores indispensáveis para o financiamento de empresas. As agências alegam que eles trazem informações privilegiadas. Todavia há críticas em relação ás agências, pois elas não prevêem defaults e exageram após as crises. O quaseduopólio, com barreira á entrada, reduz a disciplina de mercado sobre os erros de avaliação das empresas. Neste artigo, testa-se o conteúdo informacional dos ratings, olhando o caso da Repsol-YPF Argentina e Petrobras, importantes empresas que romperam o teto soberano dos países domicílio. Usando metodologias complementares pela primeira vez na literatura, os resultados sugerem que os ratings possuem limitado conteúdo informacional.Facultad de Ciencias Económicas2005-11info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/164336info:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works2005/broker_pontual.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)porreponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-03T11:15:20Zoai:sedici.unlp.edu.ar:10915/164336Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-03 11:15:20.376SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
title Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
spellingShingle Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
Broker Bone, Rosemarie
Ciencias Económicas
credit ratings
information, oil industry
ratings de crédito
informação
indústria do petróleo
title_short Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
title_full Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
title_fullStr Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
title_full_unstemmed Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
title_sort Conteúdo informacional de ratings corporativos: o caso da Repsol-YPF e Petrobras
dc.creator.none.fl_str_mv Broker Bone, Rosemarie
Pontual Riveiro, Eduardo
author Broker Bone, Rosemarie
author_facet Broker Bone, Rosemarie
Pontual Riveiro, Eduardo
author_role author
author2 Pontual Riveiro, Eduardo
author2_role author
dc.subject.none.fl_str_mv Ciencias Económicas
credit ratings
information, oil industry
ratings de crédito
informação
indústria do petróleo
topic Ciencias Económicas
credit ratings
information, oil industry
ratings de crédito
informação
indústria do petróleo
dc.description.none.fl_txt_mv In the international capital markets, credit ratings are indispensable firm evaluation tool. Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises, say critics. In addition, the quasi-duopoly with effectively no entry weakens market discipline that would induce accurate and timely evaluation. We test the informational content of credit ratings, looking at the case of Repsol-YPF Argentina and Petrobras, two large oil companies that are above the sovereign ceiling. Using complementary methods, the results suggest that, in general, credit rating changes not bring new information to the stock market and are predictable with a small set of publicly available information with small error.
Ratings corporativos são indicadores indispensáveis para o financiamento de empresas. As agências alegam que eles trazem informações privilegiadas. Todavia há críticas em relação ás agências, pois elas não prevêem defaults e exageram após as crises. O quaseduopólio, com barreira á entrada, reduz a disciplina de mercado sobre os erros de avaliação das empresas. Neste artigo, testa-se o conteúdo informacional dos ratings, olhando o caso da Repsol-YPF Argentina e Petrobras, importantes empresas que romperam o teto soberano dos países domicílio. Usando metodologias complementares pela primeira vez na literatura, os resultados sugerem que os ratings possuem limitado conteúdo informacional.
Facultad de Ciencias Económicas
description In the international capital markets, credit ratings are indispensable firm evaluation tool. Rating agencies claim it includes private information. Yet many players have raised doubts about its informational value. They did not forecast corporate and sovereign defaults and overreacted after crises, say critics. In addition, the quasi-duopoly with effectively no entry weakens market discipline that would induce accurate and timely evaluation. We test the informational content of credit ratings, looking at the case of Repsol-YPF Argentina and Petrobras, two large oil companies that are above the sovereign ceiling. Using complementary methods, the results suggest that, in general, credit rating changes not bring new information to the stock market and are predictable with a small set of publicly available information with small error.
publishDate 2005
dc.date.none.fl_str_mv 2005-11
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rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0/
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