This article analyses the differential market response to credit rating revisions in the pre- and post-global financial crisis (GFC) period using data from India. By reviewing the stock price reaction to the announcement of long-term rating changes during the period 1996–2015, the study finds evidence that the stock price reacted less to rating announcements after the GFC of 2008. However, the difference in the cumulative abnormal returns before the GFC and after the GFC is not statistically significant.

JEL codes: G240, G010, G140

中文翻译：

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全球金融危机是否改变了市场对信用评级的反应？来自新兴市场的证据

本文使用来自印度的数据，分析了全球金融危机之前和之后全球市场对信用评级修订的不同市场反应。通过回顾1996年至2015年期间股票价格对长期评级变动公告的反应，该研究发现证据表明，股票价格在2008年全球金融危机之后对评级公告的反应较小。 GFC之前和之后的数据在统计上不显着。

JEL代码： G240，G010，G140