Do personal connections improve sovereign credit ratings?

被引：2
作者：
Klusak, Patrycja [1 ]
Thornton, John [2 ]
Uymaz, Yurtsev [1 ]
机构：
[1] Univ East Anglia, Norwich Business Sch, Norwich NR4 7TJ, Norfolk, England
[2] US Dept Treasury, Off Tech Assistance, Washington, DC 20226 USA
来源：
FINANCE RESEARCH LETTERS | 2020年 / 33卷
关键词：
Personal connections; Sovereign credit ratings; Information asymmetries; POLITICAL CONNECTIONS; BANK RATINGS; FRIENDS;
D O I：
10.1016/j.frl.2019.05.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In a large sample of sovereign debt issues, we show that a personal connection between senior executives in credit rating agencies and leading politicians in the sovereign results in an improved rating. A test on bond yields suggest that the personal connection reflects a favorable treatment of the issuer.
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页数：6
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