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 10: Estimation results <strong>of</strong> indirect effects model<br />
Variable<br />
Aggregate volume <strong>of</strong> SG bond issues<br />
(SG ISSUING INTENSITYim)<br />
Aggregate volume <strong>of</strong> non-SG bond issues<br />
(NON-SG ISSUING INTENSITYim)<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 />
3 <strong>Issuing</strong> <strong>costs</strong> <strong>of</strong> <strong>state</strong> <strong>guaranteed</strong> <strong>bonds</strong><br />
0.0400***<br />
(0.0111)<br />
0.0405<br />
(0.0350)<br />
-51.2***<br />
(5.33)<br />
-2.06<br />
(4.64)<br />
2.23<br />
(1.47)<br />
0.0600<br />
(0.0451)<br />
-9.70e-9***<br />
( 2.70e-09)<br />
-1.66<br />
(5.42)<br />
0.651**<br />
(0.298)<br />
3.95<br />
(4.09)<br />
7.08<br />
(4.65)<br />
-26.7***<br />
(5.10)<br />
Country <strong>of</strong> risk (COUNTRYi) Y<br />
Number <strong>of</strong> observations 647<br />
Adjusted-R 2 0.50<br />
Note: SE (st<strong>and</strong>ard error), - (omitted)<br />
* p
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