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

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/79195

    Title: How do sovereign credit rating changes affect private investment
    Authors: 陳聖賢;Chen, Sheng-Syan;陳獻儀;Chen, Hsien-Yi;張眾卓;Chang, Chong-Chuo;楊淑玲;Yang, Shu-Ling
    Contributors: 財務金融學系
    Keywords: Sovereign credit rating;Private investment;Irreversible investment
    Date: 2013-12
    Issue Date: 2014-01-06 20:20:49 (UTC+8)
    Abstract: 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.
    Relation: JOURNAL OF BANKING & FINANCE,37(12),4820–4833.
    Appears in Collections:[財務金融學系] 期刊論文

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