scholarly journals Why they keep missing: An empirical investigation of sovereign bond ratings and their timing

2021 ◽  
Author(s):  
Makram El‐Shagi ◽  
Gregor von Schweinitz
Keyword(s):  
Empirical Investigation ◽  
Bond Ratings ◽  
Sovereign Bond

Finding the “Democratic Advantage” in Sovereign Bond Ratings: The Importance of Strong Courts, Property Rights Protection, and the Rule of Law

2012 ◽  
Vol 66 (3) ◽  
pp. 515-535 ◽  
Author(s):  
Glen Biglaiser ◽  
Joseph L. Staats
Keyword(s):  
Property Rights ◽  
Rule Of Law ◽  
Credit Rating ◽  
Bond Ratings ◽  
The Rule Of Law ◽  
Rating Agencies ◽  
Sovereign Bond ◽  
Positive Effects ◽  
Property Rights Protection ◽  
Democratic Advantage

AbstractMuch scholarship in the political economy literature has investigated the influence of the democratic advantage on sovereign bond ratings by credit rating agencies (CRAs). Missing from earlier work, however, is inquiry into the effects on bond ratings of factors that lower political risk, such as adherence to the rule of law, the presence of a strong and independent judicial system, and protection of property rights. Using panel data for up to thirty-six developing countries from 1996 to 2006, we find that rule of law, strong and independent courts, and protection of property rights have significant positive effects on bond ratings. Policymakers wanting to obtain higher bond ratings and increased revenue from bond sales would do well to heed the message contained in these findings.

Sovereign Bond Ratings and the Democratic Advantage

2008 ◽  
Vol 41 (8) ◽  
pp. 1092-1116 ◽  
Author(s):  
Glen Biglaiser ◽  
Brian Hicks ◽  
Caitlin Huggins
Keyword(s):  
Developing Countries ◽  
Political Institutions ◽  
Private Equity ◽  
Credit Rating ◽  
Bond Ratings ◽  
Heckman Model ◽  
Rating Agencies ◽  
Portfolio Flows ◽  
Sovereign Bond ◽  
Democratic Advantage

As developing countries expose portfolio investors to potential high risk, it is expected that investors will follow the advice of credit rating agencies (CRAs) before sending capital abroad. Controlling for political and economic explanations in the literature, the authors use panel data for 50 developing countries from 1987 to 2003 to determine if changes in CRA ratings affect portfolio flows. Using a two-stage Heckman model, they find that countries that are under newer political institutions and facing economic challenges are more likely to be selected by portfolio investors because they offer risk premia, but that CRA ratings and democracy have significant positive signaling effects on the countries that receive the largest private equity inflows. In fact, democracy and bond ratings are the most important for the poorest developing countries. The results suggest the significance of CRA ratings for equity investors and contribute a revision for the democratic advantage debate.

Sovereign Bond Ratings and Neoliberalism in Latin America

2007 ◽  
Vol 51 (1) ◽  
pp. 121-138 ◽  
Author(s):  
GLEN BIGLAISER ◽  
KARL DeROUEN
Keyword(s):  
Latin America ◽  
Bond Ratings ◽  
Sovereign Bond

scholarly journals Reproduction of Sovereign Bond Ratings for 158 Countries with Support Vector Regression

2013 ◽  
Vol 23 (1) ◽  
pp. 70-91
Author(s):  
Kazutoshi TANABE ◽  
Takio KURITA ◽  
Kenji NISHIDA ◽  
Takahiro SUZUKI
Keyword(s):  
Support Vector Regression ◽  
Support Vector ◽  
Bond Ratings ◽  
Sovereign Bond
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