Effects of credit default swap (CDS) and credit rating annotations on financial structure of logistics sector

It is observed that the financial markets of many countries around the world are integrated with each other and the investors make the decision to invest in the financial markets of their own country or another country, with the effect of globalization. At this point, it is known that most investors or international investment funds take into account the ratings statements made by international credit rating agencies about existing countries while making investment decisions around the world. In this study we have done, the effect of the credit rating announcements announced by Moody's, Standard & Poor's and Fitch for our country on the price movements of the stocks of companies included in the BIST-TRANSPORT INDEX has been analyzed. In this context, the announcements made between 2010 and 2020 are included in the BIST-Transportation Index; It was determined whether the stocks traded with the codes WHITE, CLEBI, DOCO, GSDDE, THYOA, TLMAN, PGSUS and RYSAS have an effect on the price movements. Note explanations were analyzed in 3 groups. In our analysis study, the event study method was used. According to the findings, it has been observed that the ratings of credit rating agencies caused abnormal returns in BIST-transportation index and stocks on the day and before the event. This situation led to the conclusion that there was an information leakage into the market before the announcement of the ratings, therefore, according to the efficient markets hypothesis, the market is not strong efficient.