Resumo

CEBALLOS ARISTIZABAL, Gloria Cecilia; PEREZ NORENA, Daniela  e  GUTIERREZ CASTANEDA, Belky Esperanza. Impact of the Country Risk Index on the Colombian Stock Market. Investig. adm. [online]. 2017, vol.46, n.119. ISSN 2448-7678.

The objective of the research is to assess the impact of the country risk ratings issued by the three leading risk rating companies (ECR) at the international level (Standar & Poors, Moody`s Investor and Fitch Ratings) on market volatility during the study period 2010 to 2016. Thus, by means of accounting tools and the methodology of study of events and using mathematical and statistical models, the cumulative abnormal returns (CAR) were calculated, which showed results of the Non-existence of abnormal returns derived from the issuance of country risk rating and therefore no impact on the share price. This article has originality because in Colombia no research has been done in the field of contabilometria and much less evaluating the impact of country risk in the stock market, but there were limitations, because the contabilometrico approach is a new topic in the accounting area mainly in Colombia and its relation in the Country Risk assessment.

Palavras-chave : Country risk; Contabilometría; Event analysis; Cumulative abnormal return (CAR); Stock market..

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