Browsing by Subject "luottoluokitukset"

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  • Ambrocio, Gene; Hasan, Iftekhar (2019)
    Bank of Finland Research Discussion Papers 13/2019
    Do closer political ties with a global superpower improve sovereign borrowing conditions? We use data on voting at the United Nations General Assembly along with foreign aid flows to construct an index of political ties and find evidence that suggests closer political ties leads to both better sovereign credit ratings and lower yields on sovereign bonds. We use heads-of-state official visits and coalition forces troop contributions as exogenous instruments to further strengthen the findings.
  • Francis, Bill B.; Hasan, Iftekhar; Kostova, Gergana L.; Ben Naceur, Sami (2020)
    Asia-Pacific Journal of Financial Studies 2
    This paper tests how capital markets value the international diversification of banks in good and in bad economic times by investigating changes in domestic and foreign sovereign debt ratings before and during the European sovereign debt crisis. Tracing 320 European banks in 29 countries and 226 credit rating announcements for European sovereigns between 1 January 2001 and 15 August 2012, we show that the market values banks with access to foreign funds. Despite occasional adverse effects immediately following negative news regarding sovereign credit rating changes, international diversification was found to be beneficial to European banks, especially during periods of distress.