Research Discussion Paper – RDP 2004-02 The Impact of Rating Changes in Australian Financial Markets

Contents

• Introduction
• Previous Literature
• Methodology
• Data
• Results
• Conclusion
• Appendix A: Further Description of Events
• Appendix B: A Cross-sectional Analysis of Bond Spreads
• References

We thank Kirk Bailey, Liz Dixon Smith, Keith Hall, Marianne Gizycki, Philip Manners, Tim Robinson, and John Veale for helpful comments or assistance. The views expressed in this paper are those of the authors and do not necessarily reflect those of the Reserve Bank of Australia.