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RBA Glossary definition for financial markets

financial markets – A generic term for the markets in which financial instruments are traded. Financial instruments have no intrinsic value of themselves. They represent a claim over real assets or a future income stream. The four main financial markets are the foreign exchange market, the fixed interest or bond market, the share or equity market and the derivatives market.

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The Impact of Rating Changes in Australian Financial Markets

1 Mar 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2004/2004-02.html

The Impact of Rating Changes in Australian Financial Markets

1 Mar 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
Research Discussion Paper – RDP 2004-02 The Impact of Rating Changes in Australian Financial Markets.
https://www.rba.gov.au/publications/rdp/2004/2004-02/

Data

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets 4. ... Equity returns are based on the indices for total returns (prices plus dividends) constructed by Thomson Financial.
https://www.rba.gov.au/publications/rdp/2004/2004-02/data.html

Methodology

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets 3. ... We attempt to isolate the movement of financial prices in the event window that is not due to factors influencing the overall market.
https://www.rba.gov.au/publications/rdp/2004/2004-02/methodology.html

Appendix A: Further Description of Events

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets Appendix A: Further Description of Events.
https://www.rba.gov.au/publications/rdp/2004/2004-02/appendix-a.html

Appendix B: A Cross-sectional Analysis of Bond Spreads

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets Appendix B: A Cross-sectional Analysis of Bond Spreads. ... bond market.
https://www.rba.gov.au/publications/rdp/2004/2004-02/appendix-b.html

Conclusion

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets 6. ... Many previous foreign studies have failed to find such consistent evidence for market impacts.
https://www.rba.gov.au/publications/rdp/2004/2004-02/conclusion.html

References

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets References. ... Billett M, J Garfinkel and E O'Neal (1998), ‘The cost of market versus regulatory discipline in banking’, Journal of Financial Economics, 48(3), pp 333–358.
https://www.rba.gov.au/publications/rdp/2004/2004-02/references.html

Introduction

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets 1. ... The main role of the agencies is to convey opinions to financial markets about the creditworthiness of debt instruments and issuers.
https://www.rba.gov.au/publications/rdp/2004/2004-02/introduction.html

Results

31 Dec 2004 RDP 2004-02
Adam Creighton, Luke Gower and Anthony Richards
RDP 2004-02: The Impact of Rating Changes in Australian Financial Markets 5. ... Most of the discussion of our results focuses on the market movements over these three broader windows.
https://www.rba.gov.au/publications/rdp/2004/2004-02/result.html