Bannier, Christina E.; Hirsch, Christian - 2009 - This version: June 26, 2009
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Market Reaction; Event Study
JEL: G14, G29, G33
∗Goethe-University Frankfurt, Department of Economics and Business … significantly increased after the watchlist introduction. This
result is robust to business-cycle effects, regulatory changes and …. The number of rating changes
per year clearly varies along with the business cycle, both with respect to downgrades
and …