Miao, Hong Miao, authorRamchander, Sanjay, authorTianyang Wang Tianyang, authorThe Geneva Papers on Risk and Insurance. Issues and Practice, publisher2020-05-122020-05-122014-04Hong Miao, Sanjay Ramchander, & Tianyang Wang. (2013). The Response of Bond Prices to Insurer Ratings Changes. The Geneva Papers on Risk and Insurance Issues and Practice, 39(2), 389–413. https://doi.org/10.1057/gpp.2013.21https://hdl.handle.net/10217/206702Includes bibliographical references (pages 411-412).Published as: The Geneva Papers on Risk and Insurance Issues and Practice, vol. 39, no. 2, September 2013, pp.389–413, https://doi.org/10.1057/gpp.2013.21.This paper examines the impact of insurer ratings changes on bond prices. Using insurer ratings from four major rating agencies and data covering the recent financial crisis period, we document that downgrades have a strong negative price impact on bond prices, especially when the downgrades are reinforced by multiple agencies. In contrast, the announcement-day impact of upgrades is found to be weak. Our evidence is consistent with the predictions of structural credit risk models.born digitalarticleseng©2014 The International Association for the Study of Insurance Economics. Author can archive pre-print. Author can archive post-print but subject to the restriction: 2 years embargo.Copyright and other restrictions may apply. User is responsible for compliance with all applicable laws. For information about copyright law, please see https://libguides.colostate.edu/copyright.insurer ratings changesratings agencybond price impactevent studyText