This paper analyzes the informational content of 3,365 Moody's credit rating reports, such as rating changes, watchlist announcements, and outlooks, and their impact on financial markets. We test whether the tone or the length of credit rating report have an immediate impact on the equity or...

We examine the stock market reaction of 381 firms with Russia exposure after the start of Russian invasion of Ukraine on February 24, 2022. We observe significant negative average abnormal returns of -2.65% (-4.06%) during the first 20 (30) trading-days after the start of the conflict indicating...