“唤醒效应”是指危机事件可能会产生一种外部刺激,“唤醒”投资者获取之前忽视的信息,并重新评估相似的风险因子,从而导致个别事件引发金融市场的风险传染。文章利用国企债券永煤违约事件,验证了我国信用债市场的风险会通过“唤醒效应”这一渠道进行传染,并考察了风险传染引发国企债券隐性担保预期下降的程度、表现形式和影响渠道。研究发现,此次违约事件“唤醒”并降低了
国企债券违约、隐性担保预期与唤醒效应——来自永煤违约事件的证据
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柳永明, 殷越. 国企债券违约、隐性担保预期与唤醒效应——来自永煤违约事件的证据[J]. 财经研究, 2024, 50(3): 122-137.
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