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X-WR-CALDESC:Events for Economics Research
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DTSTART;TZID=Europe/London:20201210T130000
DTEND;TZID=Europe/London:20201210T134500
DTSTAMP:20260612T145411
CREATED:20201129T192020Z
LAST-MODIFIED:20201129T192418Z
UID:2094-1607605200-1607607900@research.reading.ac.uk
SUMMARY:Anh Nguyen (ICMA) - "The real impact of sovereign rating changes: Sovereign ceiling or crowding out of public debts?" - PhD Seminar
DESCRIPTION:Abstract \nThis paper investigates the impacts of sovereign ratings on domestic corporate investments. Based on a sample of 1757 non-financial firms in 51 countries from 1994 to 2018\, we find significant impacts of sovereign ratings on domestic investments\, after controlling for corporate creditworthiness. Specifically\, firms domiciled in a recently downgraded sovereign reduce investments by 32%\, even if their credit ratings are unchanged following the negative sovereign rating event. There is no evidence of increases in firms’ investments following sovereign upgrades. Further investigations reveal that a crowding out effect of government debts is an important channel for corporate-sovereign rating spillovers. Public debt overhangs exacerbate negative impacts of sovereign downgrades on corporate investing activities.
URL:https://research.reading.ac.uk/economics/event/anh-nguyen-icma-the-real-impact-of-sovereign-rating-changes-sovereign-ceiling-or-crowding-out-of-public-debts-phd-seminar/
LOCATION:Microsoft Teams
CATEGORIES:PhD Seminars
ORGANIZER;CN="Carl%20Singleton":MAILTO:c.a.singleton@reading.ac.uk
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