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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3 <strong>Issuing</strong> <strong>costs</strong> <strong>of</strong> <strong>state</strong> <strong>guaranteed</strong> <strong>bonds</strong><br />
The main finding <strong>of</strong> these results is that the significance <strong>of</strong> the SG ISSUING INTENSITYimh variable is<br />
sensitive to the use <strong>of</strong> time dummies/time-specific weights <strong>and</strong> country dummies/country-specific<br />
weights individually. This is expected. These dummies capture bond market conditions in any given<br />
month or country while the aggregate volume <strong>of</strong> SG bond issues variable breaks out a specific<br />
aspect <strong>of</strong> bond market conditions that affect issuing <strong>costs</strong>.<br />
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