The sovereign ceiling and emerging market corporate bond spreads

169 citations recorded by the source corpus.

Subfields: Finance

How researchers see this paper

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Political Risk and International Valuation (2016, unknown): “Durbin and Ng (2005) note that corporate bonds that are able to pierce the sovereign ceiling (trade at a lower spread than the government) are typically firms with substantial export earnings and/or a close relationship with either a foreign firm or with the home government.”
Fiscal Policy and Default Risk in Emerging Markets (2009, methodology): “This stylized fact is analyzed in numerous empirical studies such as Durbin and Ng (2005), Borensztein, Cowan and Valenzuela (2007) and Peter and Grandes (2005), among others.”
Sovereign Risk, Fiscal Policy, and Macroeconomic Stability (2013, background): “In reality, several authors, including Durbin and Ng (2005), have documented exceptions to this rule, notably for firms with substantial export earnings or foreign operations.”
Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies (2007, unknown): “Following Durbin and Ng (2005), we identify at least three reasons why we would expect a positive correlation between sovereign and corporate ratings.”