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Who benefits from capital account liberalization? Evidence from firm-level credit ratings data

Prati, Alessandro; Schindler, Martin; Valenzuela, Patricio - In: Journal of International Money and Finance 31 (2012) 6, pp. 1649-1673

Using a novel panel data set on corporate foreign-currency credit ratings and capital account restrictions in advanced and emerging economies during 1995–2004, we find a strong positive effect of capital account liberalization on firms' credit risk, as measured by corporate credit ratings. As...

Persistent link: https://www.econbiz.de/10010599338

Corporate governance, credit ratings and the capital structure of Greek SME and large listed firms

Dasilas, Apostolos; Papasyriopoulos, Nicolas - In: Small Business Economics 45 (2015) 1, pp. 215-244

The aim of this study was to elucidate the relationship between corporate governance, credit ratings and the capital structure of small-to-medium enterprises (SMEs) and large Greek listed firms for the period spanning from 2005 to 2010. Panel regression analysis demonstrates that corporate...

Persistent link: https://www.econbiz.de/10011241908

Credit Ratings in the Presence of Bailout: The Case of Mexican Subnational Government Debt

Hernández-Trillo, Fausto; Smith-Ramírez, Ricardo - In: ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN … (2009)

Searching for an explanation for investment grades assigned to virtually bankrupt subnational governments in LDCs, we study the determinants of bond ratings for municipalities in Mexico. Our data set includes ratings from three agencies: S&P, Fitch, and Moody´s. To control for selectivity in...

Persistent link: https://www.econbiz.de/10009018081

Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing

Baghai, Ramin; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2011

We document that rating agencies have become more conservative in assigning ratings to corporate bonds over the period 1985 to 2009. Holding firm characteristics constant, average ratings have dropped by 3 notches (e.g., from A+ to BBB+) over time. This increased stringency has affected both...

Persistent link: https://www.econbiz.de/10009147400

Market discipline in the banking industry: evidence from spread dispersion

Iannotta, Giuliano - In: The European Journal of Finance 17 (2011) 2, pp. 111-131

Do bond investors price hidden information? To address this question, we use a heteroscedastic regression model to empirically examine the factors affecting the spread dispersion unexplained by easy-to-observe issue characteristics (such as credit ratings, size, maturity, etc.). Two main results...

Persistent link: https://www.econbiz.de/10009213937

Financial and economic determinants of firm default

Bottazzi, Giulio; Grazzi, Marco; Secchi, Angelo; … - In: Journal of Evolutionary Economics 21 (2011) 3, pp. 373-406

Persistent link: https://www.econbiz.de/10009325785

Securitisation, ratings and regulatory practices

Rao, T.V.S. Ramamohan - In: International Journal of Trade and Global Markets 4 (2011) 2, pp. 137-151

Securitisation, as a structured financial instrument, can give rise to excessive risk taking by the originator. It was expected that credit-rating agencies will assist the Special Purpose Vehicles (SPVs) and investors by revealing the risk. However, given that they pursue their own objectives,...

Persistent link: https://www.econbiz.de/10009352806

The use of accounting data to predict bank financial distress in MENA countries

Distinguin, Isabelle; Hasan, Iftekhar; Tarazi, Amine - In: International Journal of Banking, Accounting and Finance 2 (2010) 4, pp. 332-356

Using an innovative approach of following the downgrade or credit rating decisions by rating agencies, this paper develops an early-warning system of bank financial distress and critically evaluates the reliability and stability of the potential indicators or factors of banks in 13 emerging...

Persistent link: https://www.econbiz.de/10009352865

What is different about loans? An analysis of the risk structure of credit spreads

Resti, Andrea; Sironi, Andrea - In: International Journal of Banking, Accounting and Finance 2 (2010) 2, pp. 130-155

While extensive research on the relationship between credit risk and spreads has been produced for bonds and loans … ability of bankers and bond-holders. We then test the model on a sample of 7,926 Eurobonds and 5,469 syndicated loans …. Empirical results confirm the key finding of the model: while spreads increase as ratings worsen for both bonds and loans, the …

Persistent link: https://www.econbiz.de/10008755596

Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model

Mizen, Paul; Tsoukas, Serafeim - In: International Journal of Forecasting 28 (2012) 1, pp. 273-287

In this paper we investigate the ability of a number of different ordered probit models to predict ratings based on firm-specific data on business and financial risks. We investigate models which are based on momentum, drift and ageing, and compare them with alternatives which take the initial...

Persistent link: https://www.econbiz.de/10010796132

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