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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117545
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117545

    Title: How Do Sovereign Credit Rating Changes Affect Private Investment?
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Chang, Chong-Chuo
    Yang, Shu-Ling
    Chen, Hsien-Yi
    Contributors: 財管系
    Keywords: Sovereign credit ratingPrivate investmentIrreversible investment
    Date: 2013
    Issue Date: 2018-06-11 17:09:50 (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 and Finance, Vol.37, No.12, pp.4820-4833
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/j.jbankfin.2013.09.002
    DOI: 10.1016/j.jbankfin.2013.09.002
    Appears in Collections:[財務管理學系] 期刊論文

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