Do sovereign credit ratings matter? The relationship between ratings and capital flows before and after the great recession

被引：1

作者：

Baumann, Robert ^{[1
]}

Staveley-O'Carroll, Olena ^{[1
]}

Violante, Gregory ^{[1
]}

机构：

[1] Coll Holy Cross, Dept Econ & Accounting, Worcester, MA 01610 USA

来源：

APPLIED ECONOMICS LETTERS | 2022年 / 29卷 / 11期

关键词：

Sovereign credit ratings; capital flows; equity investment; bond investment;

D O I：

10.1080/13504851.2021.1904098

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the relationship between sovereign credit ratings and international equity and bond inflows pre- and post-Great Recession using 1996-2016 annual data for 53 countries. The ratings are statistically significant for both equity and debt inflows in the full sample. After splitting the data into pre- and post-crisis periods, we find that ratings go from being significant in the 1996-2007 subsample to insignificant in the 2010-2016 period. These results support the hypothesis that adverse reputational effects weakened the value of rating agencies in investors' decision-making process after the Great Recession.

引用

页码：966 / 973

页数：8

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