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

页数：6

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