کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5106530 1481522 2017 54 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Institutional investment horizon, the information environment, and firm credit risk
ترجمه فارسی عنوان
افق سرمایه گذاری نهادی، محیط اطالعات و ریسک اعتبار شرکت
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد، اقتصادسنجی و مالیه (عمومی)
چکیده انگلیسی
We provide evidence that the impact of the investment horizon of institutional investors on the credit risk of U.S. industrial firms is both statistically and economically significant. Ceteris paribus, a one percent point increase in the ownership by short-term (long-term) institutions leads to a 0.188 (.046) percentage point decrease (increase) of a firm's credit spread during 2001-2011. However, during the financial crisis period of 2007/08, long-term institutional investors tend to reduce a firm's credit risk, especially when a firm's risk profile is high. Hence, long-term institutions play an important role in enhancing financial stability during the crisis period by mitigating risk.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Stability - Volume 29, April 2017, Pages 57-71
نویسندگان
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