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Rating changes and the impact on stock prices

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Figure

Figure 1. Evolution of the amount of rating changes for Brazilian  companies from 1999 to 2018.
Table 2 presents the descriptive measures  of the BHAR variable for companies that were  downgraded, upgraded, and that had no changes  in their credit rating class
Figure 2. Graphical representation of the curvilinear effect of the credit rating classification for the  BHAR in 12 months, separating the companies that presented a downgrade, an upgrade, and no  change of rating.

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