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 ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
3 <strong>Issuing</strong> <strong>costs</strong> <strong>of</strong> <strong>state</strong> <strong>guaranteed</strong> <strong>bonds</strong><br />
Table 12: Estimation results <strong>of</strong> cross-border indirect effects model<br />
Variable<br />
Aggregate volume <strong>of</strong> SG bond issues at home<br />
(SG ISSUING INTENSITYimh)<br />
Aggregate volume <strong>of</strong> SG bond issues abroad<br />
(SG ISSUING INTENSITYim-h)<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 />
76<br />
1.83***<br />
(0.843)<br />
0.363<br />
(0.386)<br />
-0.288<br />
(0.133)<br />
-34.0***<br />
(8.23)<br />
-35.4***<br />
6.58<br />
0.169<br />
(2.60)<br />
0.231***<br />
0.0239<br />
-5.77e-09<br />
(4.68e-09)<br />
Month <strong>of</strong> issue dummies (Ti) Y<br />
5.54<br />
(9.86)<br />
-0.367<br />
(1.41)<br />
-15.9<br />
(6.92)<br />
-10.5<br />
(7.21)<br />
-4.50<br />
(8.38)<br />
Number <strong>of</strong> observations 551<br />
Adjusted-R 2 0.34<br />
Note: SE (st<strong>and</strong>ard error), - (omitted)<br />
* p
Change language