Influence of Rating Agencies on Pricing of Securities

Student: Levin Artem

Supervisor: Sergey M. Menshikov

Educational Programme: Economics (Bachelor)

Final Grade: 7

Year of Graduation: 2016

This paper examines the influence of activities of rating agencies on returns and prices of securities. The research concerns their influence on Eurobonds of Russian issuers occurred on foreign markets. The conducted analysis is provided by using the method Event Study, which helps to educe the abnormal returns of securities after the rating change. The t-tests were also conducted for the examination of received results. The conclusion about the impact of rating agencies on Eurobonds’ prices is drawn in terms of the received results.

Full text (added May 13, 2016)

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