你的社区得到了一个B-:分析机场债券评级的具体和奇怪的领域

Richard R. Hawkins, S. LeMay, Peter M. Ralston
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摘要

商业机场是公共拥有的交通基础设施,通常由债券提供资金。因此,这些实体的债券评级决策对债券投资者、发行人、机场管理者甚至机场所服务的社区都有重要影响,但评级决策过程尚未得到很好的理解。本文讨论了两种决策环境下评级过程的模拟,包括降级。信息框架的影响,在不完整的数据环境中,使用业余评估。业余评估师被用来了解财务分析技能有限的人在面对不完整的信息和启动情景时的反应。结果表明,与评级机构相比,业余评估人员更有可能降低债券评级,但这种影响在工作经验丰富的业余评估人员中被缓和。对机场和供应链基础设施的影响进行了讨论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Your community gets a B-: analysis of the specific and curious realm of airport bond rating
Commercial airports are publicly-owned transportation infrastructure, usually funded with bonds. The bond rating decision for these entities thus has important ramifications for bond investors, issuers, airport managers, and even the communities the airports serve, but the rating decision process is not well understood. This paper discusses a simulation of the rating process in two decision environments, including a downgrade. The effect of information framing in an environment of incomplete data is examined using amateur evaluators. Amateur evaluators were utilized to understand how people with limited financial analysis skills would respond when presented with incomplete information and a primed scenario. The results indicate that amateur evaluators were more likely to downgrade a bond grade than a ratings agency, but this effect was moderated for amateur evaluators with more work experience. Implications for airport and supply chain infrastructure are discussed.
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