How do sovereign credit rating changes affect private investment

ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 > Item 310904400/79195

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题名:	How do sovereign credit rating changes affect private investment
作者:	陳聖賢;Chen, Sheng-Syan;陳獻儀;Chen, Hsien-Yi;張眾卓;Chang, Chong-Chuo;楊淑玲;Yang, Shu-Ling
贡献者:	財務金融學系
关键词:	Sovereign credit rating;Private investment;Irreversible investment
日期:	2013-12
上传时间:	2014-01-06 12:20:49 (UTC+0)
摘要:	Sovereign credit rating changes have an influence on real private investment of re-rated countries. We find significant increases in private investment growth following upgrades in sovereign ratings. These increases, however, are transitory. We also find significant, temporary declines in private investment growth following sovereign rating downgrades. The results hold after accounting for re-rated countries’ growth opportunities, endogeneity, and other factors that could affect private investment. The irreversible nature of investment may be the explanation for the temporary changes in the growth rates of physical capital investment associated with revisions in sovereign credit ratings.
關聯:	JOURNAL OF BANKING & FINANCE,37(12),4820–4833.
显示于类别:	[財務金融學系] 期刊論文

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