Özet:

In this study, between 1 January 2013 and 21 March 2018, S&P, Moody's and Fitch international rating agencies examined the method of event analysis of whether the credit ratings issued to the BRICS countries and Turkey were influenced by the stock exchange volume of the stock exchange, the Bolsa de Valores de Sao Paulo (BOVESPA), the Moscow Times Index (RTSI), the Bombay Stock Exchange (BSE SENSEX30), the Shanghai Stock Exchange Composite Index (SHANGHAI), the Johannesburg Stock Exchange (JSE TOP40) and the Stock Exchange Istanbul 100 (BIST100), the matched samples tested and the Mann Whitney U test. According to the analysis, changes in the country’s credit rating have been found to have a statistically significant impact on the stock market volume of transactions in the 21 day period around the change date. When the direction of this effect is examined, it is concluded that the country’s credit rating falls in a positive direction, while the country’s credit rating rise can affect the transaction volume in a negative direction.

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