| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14345 |
| DP14345 Corporate Yields: Effect of Credit Ratings and Sovereign Yields | |
| Galina Hale; Julia Bevilaqua; Eric Tallman | |
| 发表日期 | 2020-01-22 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We empirically evaluate the importance of two sources of public information affecting pricing of global corporate bonds: bond ratings provided by rating agencies and sovereign yields of the issuer’s country. We find that both in the cross-section of firms and over time more variation in corporate bond yields is explained by sovereign yields than by corporate bond ratings. When sovereign yields are high, their importance in pricing corporate bonds declines. In these states, for advanced economies’ borrowers, the importance of corporate ratings increases. There is a small upward trend in the importance of corporate ratings over time. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Bond Rating Sovereign |
| URL | https://cepr.org/publications/dp14345 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543236 |
| 推荐引用方式 GB/T 7714 | Galina Hale,Julia Bevilaqua,Eric Tallman. DP14345 Corporate Yields: Effect of Credit Ratings and Sovereign Yields. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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