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https://ah.lib.nccu.edu.tw/handle/140.119/117545
題名: | How Do Sovereign Credit Rating Changes Affect Private Investment? | 作者: | 陳聖賢 Chen, Sheng-Syan Chang, Chong-Chuo Yang, Shu-Ling Chen, Hsien-Yi |
貢獻者: | 財管系 | 關鍵詞: | Sovereign credit ratingPrivate investmentIrreversible investment | 日期: | 2013 | 上傳時間: | 11-Jun-2018 | 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 and Finance, Vol.37, No.12, pp.4820-4833 | 資料類型: | article | DOI: | http://dx.doi.org/10.1016/j.jbankfin.2013.09.002 |
Appears in Collections: | 期刊論文 |
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