3 Issuing costs of state guaranteed bonds - Financial Risk and ...
3 Issuing costs of state guaranteed bonds - Financial Risk and ...
3 Issuing costs of state guaranteed bonds - Financial Risk and ...
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Annex 4 <br />
Table 41: Re-estimation results <strong>of</strong> issuing cost model using generalised least squares<br />
Variable<br />
Use <strong>of</strong> <strong>state</strong> guarantee<br />
(GUARANTEEi)<br />
Bond rating<br />
(RATINGi)<br />
Time to maturity at issue<br />
(MATURITYit)<br />
Sovereign CDS<br />
(SOVi)<br />
Issuance volume<br />
(LIQUIDi)<br />
Private placement<br />
(PRIVATEi)<br />
Volatility<br />
(VOLit)<br />
USD-denominated<br />
(CURRENCY-USDi)<br />
Non-EUR- <strong>and</strong> non-USD-denominated<br />
(CURRENCY-OTHERi)<br />
Variable interest rate<br />
(COUPON-VARIABLEi)<br />
Additional controls (not displayed)<br />
-33.4***<br />
(6.20)<br />
-31.3***<br />
(5.80)<br />
-0.321<br />
(2.16)<br />
0.223***<br />
(0.0222)<br />
-6.07e-9<br />
(4.02e-9)<br />
Month <strong>of</strong> issue dummies (Ti) Y<br />
Country <strong>of</strong> risk (COUNTRYi) N<br />
2.66<br />
(8.06)<br />
4.01<br />
(2.85)<br />
-6.73<br />
(5.79)<br />
-7.63<br />
(6.06)<br />
14.0*<br />
(7.11)<br />
Number <strong>of</strong> observations 683<br />
Adjusted-R 2 0.33<br />
159
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