Corporate bond ratings changes and economic instability: Evidence from the Korean financial crisis

被引：3
作者：
Joo, SL
Pruitt, SW
机构：
[1] Univ Missouri, Henry W Bloch Sch Business & Publ Adm, Bloch Sch 334C, Kansas City, MO 64110 USA
[2] Univ Illinois, Urbana, IL 61801 USA
[3] Hongik Univ, Seoul, South Korea
来源：
ECONOMICS LETTERS | 2006年 / 90卷 / 01期
关键词：
corporate bonds; financial crisis; Korea; bond ratings;
D O I：
10.1016/j.econlet.2005.04.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study presents the first empirical analysis of the impact of bond ratings changes during periods of significant economic instability. Using the Korean financial crisis as the experimental stimulus, the study documents that changes in Korean bond ratings during the financial crisis resulted in dramatically stronger changes in stock prices than ratings changes of identical magnitude announced either before or after the crisis. (c) 2005 Elsevier B.V. All rights reserved.
引用
收藏
页码：12 / 20
页数：9
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