This study provides an empirical analysis of the impact of the Greek debt crisis on stock returns of U.S. commercial banks. We find that good (bad) news events pertaining to the Greek debt crisis, identified by large changes in the Greek CDS spread, produce insignificant positive (negative)...

Problem Statement: Traditionally the analysis of sovereign debt in developing economies has focused on external debt. However, in recent years, several developing countries have adopted aggressive policies to remove the external sovereign debt, replacing it by the country issued debt. This study...