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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Table 8: Estimation results <strong>of</strong> issuing cost model<br />
Selection correction – volume <strong>of</strong> SG issues by<br />
country<br />
Main estimation<br />
model<br />
Alternative models<br />
3 <strong>Issuing</strong> <strong>costs</strong> <strong>of</strong> <strong>state</strong> <strong>guaranteed</strong> <strong>bonds</strong><br />
Guarantor-specific impacts Bank-specific impacts Bond-specific impacts<br />
Sovereign CDSuse<br />
<strong>of</strong> guarantee<br />
interactions<br />
Guarantor-use <strong>of</strong><br />
guarantee<br />
interactions<br />
Bank rating-use<br />
<strong>of</strong> guarantee<br />
interactions<br />
(1)<br />
Bank rating-use<br />
<strong>of</strong> guarantee<br />
interactions<br />
(2)<br />
Bond rating-use<br />
<strong>of</strong> guarantee<br />
interactions<br />
(1)<br />
Bond rating-use<br />
<strong>of</strong> guarantee<br />
interactions<br />
(2)<br />
N N N N N N<br />
Number <strong>of</strong> observations (SG <strong>bonds</strong>:non-SG <strong>bonds</strong>) 683 (495:188) 683 (495:188) 683 (495:188) 310 (226:84) 310 (226:84) 390 (306:84) 390 (306:84)<br />
Adjusted-R 2 0.33 0.33 0.52 0.27 0.35 0.42 0.50<br />
63
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