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THE IMPACT OF THE COUNTRY RATING ON THE CORPORATE RATING: EMPIRICAL PERSPECTIVE IN THE CONTEXT OF FINANCIAL GLOBALIZATION

Cristina Morar Triandafil () and Petre Brezeanu ()

Theoretical and Applied Economics, 2008, vol. 11(528)(supplement), issue 11(528)(supplement), 316-326

Abstract: The project concentrates on the relationship between corporate rating and country rating. The approach is empirical. A series of hypothesis regarding the content and the direction of the relationship between the two variables are tested using various statistical methods. The focus is directed to a potential impact of the country rating on the corporate rating, especially from the perspective of the differentiation of this impact in terms of corporate segment localization in European emerging or in developed countries. Research keens also on identifying the impact of this correlation on the finance mechanisms of the corporations based in East European emerging countries. The case study is based on a database containing financials relative to 150 companies. Key-words: rating; sovereign risk; idiosyncratic risk; globalization; sovereign ceiling.

Date: 2008
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