Do personal connections improve sovereign credit ratings?

被引：2
|
作者：
Klusak, Patrycja [1 ]
Thornton, John [2 ]
Uymaz, Yurtsev [1 ]
机构：
[1] Univ East Anglia, Norwich Business Sch, Norwich NR4 7TJ, Norfolk, England
[2] US Dept Treasury, Off Tech Assistance, Washington, DC 20226 USA
来源：
FINANCE RESEARCH LETTERS | 2020年 / 33卷
关键词：
Personal connections; Sovereign credit ratings; Information asymmetries; POLITICAL CONNECTIONS; BANK RATINGS; FRIENDS;
D O I：
10.1016/j.frl.2019.05.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In a large sample of sovereign debt issues, we show that a personal connection between senior executives in credit rating agencies and leading politicians in the sovereign results in an improved rating. A test on bond yields suggest that the personal connection reflects a favorable treatment of the issuer.
引用
收藏
页数：6
相关论文
共 50 条
  • [1] Politicians' connections and sovereign credit ratings
    Klusak, Patrycja
    Uymaz, Yurtsev
    Alsakka, Rasha
    JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2024, 94
  • [2] Do sovereign credit ratings matter for corporate credit ratings?
    Ben Cheikh, Nidhaleddine
    Ben Hmiden, Oussama
    Ben Zaied, Younes
    Boubaker, Sabri
    ANNALS OF OPERATIONS RESEARCH, 2021, 297 (1-2) : 77 - 114
  • [3] Do sovereign credit ratings matter for corporate credit ratings?
    Nidhaleddine Ben Cheikh
    Oussama Ben Hmiden
    Younes Ben Zaied
    Sabri Boubaker
    Annals of Operations Research, 2021, 297 : 77 - 114
  • [4] The influence of sovereign credit ratings on sovereign credit default swaps: do splits matter?
    Lim, Kok-tiong
    Goh, Kim-leng
    Kwek, Kian-teng
    ECONOMICS BULLETIN, 2021, 41 (04): : 2433 - 2444
  • [5] Rating friends: The effect of personal connections on credit ratings
    Khatami, Seyed Hossein
    Marchica, Maria-Teresa
    Mura, Roberto
    JOURNAL OF CORPORATE FINANCE, 2016, 39 : 222 - 241
  • [6] Do sovereign credit ratings matter for foreign direct investments?
    Cai, Peilin
    Gan, Quan
    Kim, Suk-Joong
    JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2018, 55 : 50 - 64
  • [7] Are Sovereign Credit Ratings Overrated?
    Davor Kunovac
    Rafael Ravnik
    Comparative Economic Studies, 2017, 59 (2) : 210 - 242
  • [8] Subjectivity in sovereign credit ratings
    De Moor, Lieven
    Luitel, Prabesh
    Sercu, Piet
    Vanpee, Rosanne
    JOURNAL OF BANKING & FINANCE, 2018, 88 : 366 - 392
  • [9] The Sovereign Effect on Bank Credit Ratings
    Yu-Li Huang
    Chung-Hua Shen
    Journal of Financial Services Research, 2015, 47 : 341 - 379
  • [10] The Sovereign Effect on Bank Credit Ratings
    Huang, Yu-Li
    Shen, Chung-Hua
    JOURNAL OF FINANCIAL SERVICES RESEARCH, 2015, 47 (03) : 341 - 379
12345