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Herding behaviour among credit rating agencies

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Herding behaviour among credit rating agencies

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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


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