dc.contributor.author |
Jannone Bellot, Nicolas
|
es_ES |
dc.contributor.author |
Martí Selva, María Luisa
|
es_ES |
dc.contributor.author |
Garcia Menendez, Leandro
|
es_ES |
dc.date.accessioned |
2018-09-29T04:32:31Z |
|
dc.date.available |
2018-09-29T04:32:31Z |
|
dc.date.issued |
2017 |
es_ES |
dc.identifier.issn |
2415-2463 |
es_ES |
dc.identifier.uri |
http://hdl.handle.net/10251/108616 |
|
dc.description.abstract |
[EN] The aim of this paper is to identify the in
uence degree among the main rating
agencies and the other variables that aect rating changes for sub-sovereign entities in Germany,
Austria, Belgium, France, Italy and Spain, using a total of 32 territorial entities between 1996 and
2012. Due to the shortage of European sub-sovereigns with more than 2 ratings, we estimated six
binary probit regressions as a combination of 3 rating agencies two to two. We conclude that Fitch
is the most in
uential agency on the other two rating agencies, but Standard and Poor's is the
leader. There are other relevant factors that explain the probability of change of rating but are less
powerful with respect to the change of rating. Among the dierent specications, the signicant
variables are almost always the same. Being a Spanish region, downgrades of country's rating,
being a heavily indebted region or a weak budget performance, increase the probability of change of
rating. Aging regions and rising unemployment or population growth rate also increase the likeli-
hood of rating change. On the other hand, regions with high density, Level of Intergovernmental
transfers to total revenue or Number of notches' changes by Moody's agency given for a specic
region in a previous year, reduce the probability of change rating. |
es_ES |
dc.language |
Inglés |
es_ES |
dc.publisher |
Geist Science, Iqra University |
es_ES |
dc.relation.ispartof |
Journal of Finance & Economic Research |
es_ES |
dc.rights |
Reconocimiento (by) |
es_ES |
dc.subject |
Credit Rating Agencies |
es_ES |
dc.subject |
Probit-regression |
es_ES |
dc.subject |
European sub-sovereigns entities |
es_ES |
dc.subject.classification |
ECONOMIA APLICADA |
es_ES |
dc.title |
Herding behaviour among credit rating agencies |
es_ES |
dc.type |
Artículo |
es_ES |
dc.identifier.doi |
10.20547/jfer1702105 |
es_ES |
dc.rights.accessRights |
Abierto |
es_ES |
dc.contributor.affiliation |
Universitat Politècnica de València. Departamento de Economía y Ciencias Sociales - Departament d'Economia i Ciències Socials |
es_ES |
dc.description.bibliographicCitation |
Jannone Bellot, N.; Martí Selva, ML.; García Menéndez, L. (2017). Herding behaviour among credit rating agencies. Journal of Finance & Economic Research. 2(1):59-86. doi:10.20547/jfer1702105 |
es_ES |
dc.description.accrualMethod |
S |
es_ES |
dc.relation.publisherversion |
https://doi.org/10.20547/jfer1702105 |
es_ES |
dc.description.upvformatpinicio |
59 |
es_ES |
dc.description.upvformatpfin |
86 |
es_ES |
dc.type.version |
info:eu-repo/semantics/publishedVersion |
es_ES |
dc.description.volume |
2 |
es_ES |
dc.description.issue |
1 |
es_ES |
dc.relation.pasarela |
S\339228 |
es_ES |