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Rating assignments: lessons from international banks

Caporale, Guglielmo Maria; Matousek, Roman; Stewart, Chris - 2009

This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to … bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is … strong evidence of a country effect. Our model is shown to provide accurate predictions of bank ratings for the period prior …

Persistent link: https://www.econbiz.de/10010264612

EU banks rating assignments: Is there heterogeneity between new and old member countries?

Caporale, Guglielmo Maria; Matousek, Roman; Stewart, Chris - 2010

We model EU countries' bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our … assigned lower ratings, ceteris paribus, than 'old' ones. We find that country-specific factors (in the form of heterogeneous … intercepts) are a crucial determinant of ratings. Whilst 'new' EU countries typically have lower ratings than 'old' ones, after …

Persistent link: https://www.econbiz.de/10010270550

Banks' Portfolio of Government Debt and Sovereign Risk

Afonso, António; Alves, José; Monteiro, Sofia - 2023

banks' portfolio of public debt and reduces the percentage holdings in the case of central banks. Better sovereign ratings …

Persistent link: https://www.econbiz.de/10014469694

Omnimetrics and Awards

Frey, Bruno S. - 2017

The digital revolution has led to a quantification of ever more areas of human life and society. At the same time, there is an explosion of the number of awards, which by their very nature are based on non-quantified performance. Will quantification take over completely, leading to...

Persistent link: https://www.econbiz.de/10011744888

Firm-specific characteristics and the timing of foreign direct investment projects

Raff, Horst; Ryan, Michael - 2006

This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm's investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....

Persistent link: https://www.econbiz.de/10010264039

Whatever is, is right?: Economic institutions in pre-industrial Europe (Tawney lecture 2006)

Ogilvie, Sheilagh - 2007

Institutions - the structures of rules and norms governing economic transactions - are widely assigned a central role in economic development. Yet economic history is still dominated by the belief that institutions arise and survive because they are economically efficient. This paper shows that...

Persistent link: https://www.econbiz.de/10010264182

Income and happiness across Europe: do reference values matter?

Caporale, Guglielmo Maria; Georgellis, Yannis; … - 2007

Using data from the European Social Survey (ESS), we examine the link between income and subjective well-being. We find that, for the whole sample of nineteen European countries, although income is positively correlated with both happiness and life satisfaction, reference income exerts a...

Persistent link: https://www.econbiz.de/10010264249

Scylla and Charybdis: explaining Europe's exit from gold, January 1928 - December 1936

Wolf, Nikolaus - 2008

The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928 - December 1936. I show that exit from gold can be understood in terms of a trade-off between a limited set of factors commonly...

Persistent link: https://www.econbiz.de/10010264339

Is Prescott right?: welfare state policies and the incentives to work, learn and retire

Jacobs, Bas - 2008

This paper bolsters Prescott's (2004) claim that high taxes are responsible for lacklustre labor market performance in continental European countries. We develop a lifecycle model with endogenous skill formation, endogenous labor supply, and endogenous retirement. Labor taxation distorts not...

Persistent link: https://www.econbiz.de/10010264345

Body image and food disorders: evidence from a sample of European women

Costa-Font, Joan; Jofre-Bonet, Mireia - 2008

Excessive preoccupation for self-image has been pointed out as an essential factor explaining food disorders. This paper draws upon Akerlof and Kranton (2000) to model how self-image and others' appearances influence health related behaviours. We estimate the influence of peers' image on the...

Persistent link: https://www.econbiz.de/10010264449