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The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns

This paper examines the effect of Islamic private debt securities (IPDS) rating changes on the firm's common stock returns. It will provide the evidence of relationship between bonds rating and stocks return based on the traded IPDS rated by MARC and RAM, and common stock monthly price of liste...

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Main Authors: Norsin Mod Asri, Zulkefly Abdul Karim, Shahida Shahimi, Azrina Abdullah Al-Hadi
Format: Article
Language:English
Published: Kolej Universiti Islam Malaysia 2012
Subjects:
Bond rating
Stocks prices and returns
Islamic private debt securities (IPDS)
Online Access:http://ddms.usim.edu.my/handle/123456789/5296
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spelling my.usim-52962015-03-02T02:21:14Z The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns Norsin Mod Asri Zulkefly Abdul Karim Shahida Shahimi Azrina Abdullah Al-Hadi Bond rating Stocks prices and returns Islamic private debt securities (IPDS) This paper examines the effect of Islamic private debt securities (IPDS) rating changes on the firm's common stock returns. It will provide the evidence of relationship between bonds rating and stocks return based on the traded IPDS rated by MARC and RAM, and common stock monthly price of listed firms in KLSE. Based on several different measures of abnormal return, the findings are consistent with the preposition that bond downgrading conveys information to common stockholders. As for bond upgrading, the stock price adjustments were statically insignificant in the month of announcement. 2012-02-16T03:52:15Z 2012-02-16T03:52:15Z 2004 Article 1823075X http://ddms.usim.edu.my/handle/123456789/5296 en Vol 1, No.1 2004; Kolej Universiti Islam Malaysia
institution Universiti Sains Islam Malaysia
building USIM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universit Sains Islam i Malaysia
content_source USIM Institutional Repository
url_provider http://ddms.usim.edu.my/
language English
topic Bond rating
Stocks prices and returns
Islamic private debt securities (IPDS)
spellingShingle Bond rating
Stocks prices and returns
Islamic private debt securities (IPDS)
Norsin Mod Asri
Zulkefly Abdul Karim
Shahida Shahimi
Azrina Abdullah Al-Hadi
The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns
description This paper examines the effect of Islamic private debt securities (IPDS) rating changes on the firm's common stock returns. It will provide the evidence of relationship between bonds rating and stocks return based on the traded IPDS rated by MARC and RAM, and common stock monthly price of listed firms in KLSE. Based on several different measures of abnormal return, the findings are consistent with the preposition that bond downgrading conveys information to common stockholders. As for bond upgrading, the stock price adjustments were statically insignificant in the month of announcement.
format Article
author Norsin Mod Asri
Zulkefly Abdul Karim
Shahida Shahimi
Azrina Abdullah Al-Hadi
author_facet Norsin Mod Asri
Zulkefly Abdul Karim
Shahida Shahimi
Azrina Abdullah Al-Hadi
author_sort Norsin Mod Asri
title The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns
title_short The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns
title_full The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns
title_fullStr The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns
title_full_unstemmed The Effect of Islamic Private Debt Securities Rating Changes On Firm's Common Stock Returns
title_sort effect of islamic private debt securities rating changes on firm's common stock returns
publisher Kolej Universiti Islam Malaysia
publishDate 2012
url http://ddms.usim.edu.my/handle/123456789/5296
_version_ 1645151636725694464
score 13.222552

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