{"title":"企业集团的连锁效应:来自韩国财阀信用评级变化的证据","authors":"S. Han, Yonghyun Kwon, E. Jo","doi":"10.2139/ssrn.2134310","DOIUrl":null,"url":null,"abstract":"We examine the knock-on effect of credit rating changes in Korean Chaebol. We show that credit rating changes of chaebol-affiliated firm share the effect of credit rating change with related affiliates because: (1) chaebol affiliates share their internal capital markets and (2) chaebol affiliates are bounded together by cross-holdings. We conclude that impact of credit rating change of chaebol-affiliated firm spills over to other affiliates included in the same chaebols, and cross-holdings may determine the extent of the knock-on effect.","PeriodicalId":224126,"journal":{"name":"Special Issue: Systemic Risk 5","volume":"44 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2012-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The Knock-On Effect in Business Group: Evidence from Korean Chaebols Credit Rating Changes\",\"authors\":\"S. Han, Yonghyun Kwon, E. Jo\",\"doi\":\"10.2139/ssrn.2134310\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the knock-on effect of credit rating changes in Korean Chaebol. We show that credit rating changes of chaebol-affiliated firm share the effect of credit rating change with related affiliates because: (1) chaebol affiliates share their internal capital markets and (2) chaebol affiliates are bounded together by cross-holdings. We conclude that impact of credit rating change of chaebol-affiliated firm spills over to other affiliates included in the same chaebols, and cross-holdings may determine the extent of the knock-on effect.\",\"PeriodicalId\":224126,\"journal\":{\"name\":\"Special Issue: Systemic Risk 5\",\"volume\":\"44 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2012-08-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Special Issue: Systemic Risk 5\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2134310\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Special Issue: Systemic Risk 5","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2134310","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Knock-On Effect in Business Group: Evidence from Korean Chaebols Credit Rating Changes
We examine the knock-on effect of credit rating changes in Korean Chaebol. We show that credit rating changes of chaebol-affiliated firm share the effect of credit rating change with related affiliates because: (1) chaebol affiliates share their internal capital markets and (2) chaebol affiliates are bounded together by cross-holdings. We conclude that impact of credit rating change of chaebol-affiliated firm spills over to other affiliates included in the same chaebols, and cross-holdings may determine the extent of the knock-on effect.
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