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Do personal connections improve sovereign credit ratings?

Patrycja Klusak, John Thornton () and Yurtsev Uymaz

Finance Research Letters, 2020, vol. 33, issue C

Abstract: 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.

Keywords: Personal connections; Sovereign credit ratings; Information asymmetries (search for similar items in EconPapers)
JEL-codes: D82 G24 L14 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1016/

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