The Real Effects of Credit Ratings: The Sovereign Ceiling Channel
| dc.contributor.author | IGOR FELIZATTI CARNEIRO DA CUNHA | |
| dc.contributor.author | HEITOR VIEIRA DE ALMEIDA NETO | |
| dc.contributor.author | Ferreira, Miguel Almeida | |
| dc.contributor.author | Restrepo, Felipe | |
| dc.coverage.pais | Não Informado | pt_BR |
| dc.creator | Ferreira, Miguel Almeida | |
| dc.creator | Restrepo, Felipe | |
| dc.date.accessioned | 2022-11-11T13:27:37Z | |
| dc.date.available | 2022-11-11T13:27:37Z | |
| dc.date.issued | 2017 | |
| dc.description.notes | Texto Completo | pt_BR |
| dc.description.other | We show that sovereign debt impairments can have a significant effect on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign rating downgrade. We identify these effects by exploiting exogenous variation in corporate ratings due to rating agencies’ sovereign ceiling policies, which require that firms’ ratings remain at or below the sovereign rating of their country of domicile | pt_BR |
| dc.format.extent | p. 249-290 | pt_BR |
| dc.format.medium | Digital | pt_BR |
| dc.identifier.doi | https://doi.org/10.1111/jofi.12434 | pt_BR |
| dc.identifier.issn | 1540-6261 | pt_BR |
| dc.identifier.issue | 1 | pt_BR |
| dc.identifier.uri | https://repositorio.insper.edu.br/handle/11224/4705 | |
| dc.identifier.volume | 72 | pt_BR |
| dc.language.iso | Inglês | pt_BR |
| dc.publisher | Wiley | pt_BR |
| dc.relation.ispartof | The Journal of Finance | pt_BR |
| dc.rights.license | O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR. | pt_BR |
| dc.title | The Real Effects of Credit Ratings: The Sovereign Ceiling Channel | pt_BR |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| local.identifier.sourceUri | https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12434 | |
| local.subject.cnpq | Ciências Exatas e da Terra | pt_BR |
| local.type | Artigo Científico | pt_BR |
| relation.isAuthorOfPublication | 35542cb3-1b48-4e3a-b0f2-9dc3869e71fe | |
| relation.isAuthorOfPublication | 20c703ae-c8e5-469b-a8d3-b5b15979f556 | |
| relation.isAuthorOfPublication.latestForDiscovery | 20c703ae-c8e5-469b-a8d3-b5b15979f556 |
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