Political risk and international valuation

被引：57

作者：

Bekaert, Geert ^{[1
,2
]}

Harvey, Campbell R. ^{[2
,3
]}

Lundblad, Christian T. ^{[4
]}

Siegel, Stephan ^{[5
]}

机构：

[1] Columbia Univ, New York, NY 10027 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Duke Univ, Durham, NC 27708 USA

[4] Univ N Carolina, Chapel Hill, NC 27599 USA

[5] Univ Washington, Seattle, WA 98195 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2016年 / 37卷

关键词：

Political risk; Sovereign spread; Sovereign risk; Capital budgeting; International cost of capital; Project evaluation; EMERGING MARKETS; SOVEREIGN RISK; COUNTRY RISK; DETERMINANTS; BUSINESS; SPREADS; DEFAULT; POLICY; MODEL;

D O I：

10.1016/j.jcorpfin.2015.12.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Measuring the impact of political risk on investment projects is one of the most vexing issues in international business. One popular approach is to assume that the sovereign yield spread captures political risk and to augment the project discount rate by this spread. We show that this approach is flawed. While the sovereign spread is influenced by political risk, it also reflects other risks that are likely included in the valuation analysis - leading to the double counting of risks. We propose to use "political risk spreads" to undo the double counting in the evaluation of international investment projects. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：1 / 23

页数：23

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