Using event studies we find statistically and economically significant, negative daily abnormal stock market returns prior to sovereign debt rating downgrade announcements. Instrumental variable techniques show that these findings are more pronounced in countries with lower institutional...

Retail electricity charges inevitably influence the financial rationale of using net-metered photovoltaic (PV) applications since their structure as well as their level may vary significantly over the life-cycle of a customer-sited PV generation system. This subsequently introduces a further...

Over the past decade there has been mixed evidence on the lead–lag relation between issuer-paid and investor-paid credit rating agencies. We investigate the lead–lag relationship for changes in bond ratings (BRs) and financial strength ratings (FSRs), for the US insurance industry, where...