Title Page
Contents
CHAPTER 1. INTRODUCTION 8
1.1. Background 8
1.2. Research Objectives 12
1.3. Research Questions 12
1.3.1. Problem Restriction 12
1.3.2. Hypothesis Development 13
1.4. Research Benefits 17
CHAPTER 2. BASIC THEORY AND LITERATURE REVIEW 18
2.1. Conceptualization 18
2.1.1. Bonds 18
2.1.2. Stock 21
2.1.3. Market Efficient 24
2.1.4. Bonds rating 26
2.1.5. Event Study 31
2.2. Literature Review 32
CHAPTER 3. RESEARCH DESIGN AND METHODOLOGY 35
3.1. Purposes of Research 35
3.2. Sampling Techniques 35
3.3. Sources and Techniques in Data Retrieval 35
3.4. The Observation Period 36
3.5. Data Analysis Methodology 36
3.6. Operationalization (Research Testing Methodology) 38
3.6.1. First Hypothesis 38
3.6.2. Second Hypothesis 38
CHAPTER 4. DATA ANALYSIS AND INFORMATION 40
4.1. Data Sources 40
4.2. First Hypothesis Testing 40
Downgrade Rating Changes Test 40
Upgrade Rating Changes Test 44
4.3. Second Hypothesis Testing (Financial and Non-Financial Sector) 47
4.3.1. Financial & Non-Financial Sector Test(내용없음) 7
CHAPTER 5. CONCLUSION AND SUGGESTIONS 51
5.1. Conclusion 51
5.2. Suggestions 52
REFERENCES 53
APPENDIX 55
DATA AND INFORMATION DOWNGRADE AND UPGRADE RATING CHANGES 57
Downgrade Rating Changes 57
Upgrade Rating Changes 69
요약 85