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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Year of publication:	2012
Authors:	Han, Seung Hun
Other Persons:	Kwon, Yonghyun (contributor) ; Jo, Eunjin (contributor)
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Südkorea \| South Korea \| Konglomerat \| Conglomerate \| Kreditwürdigkeit \| Credit rating \| Konzern \| Corporate group \| Unternehmenserfolg \| Firm performance

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