3 Issuing costs of state guaranteed bonds - Financial Risk and ...

3 Issuing costs of state guaranteed bonds
Table 13: Robustness and sensitivity of estimation results of indirect effects model
Variable
Non-EUR- and non-USD-denominated
(CURRENCY-OTHERi) Variable interest rate
(COUPON-VARIABLEi) Additional controls (not displayed)
Country of risk
(COUNTRYi) Weights
Month of issue dummies
(T i)
Bond clauses
(CROSS i, NEGATIVE i, FORCE i)
Selection correction – volume
of SG issues by month
Selection correction – volume
of SG issues by country
Main
estimation
model
(Table 11)
7.08
(4.65)
-26.7***
(5.10)
Alternative standard errors Alternative dependent
variables
Clustered SEs
(by month)
7.08
(5.23)
-26.7***
(8.72)
Clustered SEs
(by country)
7.08
(9.66)
-26.7***
(7.23)
Alternative
pricing
source
7.22
(4.71)
-27.98***
(5.19)
Alternative estimation models
Exchange
rate premiaadjusted
-49.54***
(11.85)
-28.12***
(6.67)
Additional controls Alternative weights
(sensitivity of empirical strategy)
Addition of
time
dummies
3.80
(6.60)
-20.96***
(6.81)
Addition of
bond clauses
4.25
(6.68)
-19.85***
(6.80)
SG issuance
volume by
month of
issue
19.51***
(4.44)
-45.66***
(4.91)
SG issuance
volume by
country of
risk
13.2***
(5.07)
-18.8***
(5.33)
Y Y Y Y Y Y Y Y N Y
N N N N N Y Y N Y N
N
Combined
alternative
weights
N N N N N Y N N N
N N N N N N N N Y Y
N N N N N N N Y N Y
Number of observations 647 647 647 646 388 352 352 614 540
Adjusted-R 2 Note: SE (standard error), - (omitted)
* p