國家的信譽是否重要？以美國股票市場為例

Abstract

本篇論文研究美國投資者評估外國股票時國家信譽的角色。從實證角度來看，我的研究結果顯示投資者在評估外國公司時依賴參考群體，強調了群體聲望的重要性。牽涉到不當行為的公司的國家同儕被共同折扣，尤其是最初被視為值得信賴的公司。在資訊不完整的情況下，投資者優先考量國家的信譽，以群體形象作為評估公司品質的信號。這些研究發現突顯了國家信譽在引導投資決策中的關鍵角色。

I examine the role of country trustworthiness in U.S. investors’ evaluation of foreign stocks. Empirically, my results support investors’ reliance on reference groups when assessing foreign firms, emphasizing the importance of a group’s reputation. Country peers of misconduct firms are collectively discounted, especially those initially deemed trustworthy. In the presence of imperfect information, investors prioritize country trustworthiness, using a group’s image as a signal for firm quality. These findings highlight the pivotal role of a country’s trustworthiness in shaping investment decisions.