Do personal connections improve sovereign credit ratings?

Patricia Klusak; John Thornton; Yurtsev Uymaz

doi:10.1016/j.frl.2019.05.012

Do personal connections improve sovereign credit ratings?

Patricia Klusak
, John Thornton
, Yurtsev Uymaz

University of East Anglia
Office of Technical Assistance, US Department of the Treasury

Allbwn ymchwil: Cyfraniad at gyfnodolyn › Erthygl › adolygiad gan gymheiriaid

59 Wedi eu Llwytho i Lawr (Pure)

Crynodeb

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.

Iaith wreiddiol	Saesneg
Rhif yr erthygl	101194
Cyfnodolyn	Finance Research Letters
Cyfrol	33
Dyddiad ar-lein cynnar	20 Mai 2019
Dynodwyr Gwrthrych Digidol (DOIs)	https://doi.org/10.1016/j.frl.2019.05.012
Statws	Cyhoeddwyd - Maw 2020
Cyhoeddwyd yn allanol	Ie

Mynediad at Ddogfen

10.1016/j.frl.2019.05.012

2020 Personal connectionsLlawysgrif awdur wedi’i dderbyn, 835 KBTrwydded: CC BY-NC-ND

Dyfynnu hyn

@article{8c3155a70376404ca06c20f1d7972556,

title = "Do personal connections improve sovereign credit ratings?",

abstract = "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.",

keywords = "Information asymmetries, Personal connections, Sovereign credit ratings",

author = "Patricia Klusak and John Thornton and Yurtsev Uymaz",

year = "2020",

month = mar,

doi = "10.1016/j.frl.2019.05.012",

language = "English",

volume = "33",

journal = "Finance Research Letters",