How dimensions of national culture and institutional characteristics influence sovereign rating migration dynamics

Huong Dang

No 42 / 2014, ZenTra Working Papers in Transnational Studies from ZenTra - Center for Transnational Studies

Abstract: This study examines the effects of national culture and institutional characteristics on the rating migration dynamics of countries rated by Standard & Poor’s (S&P) during the period January 1985 - October 2011. The study finds that national culture and institutional charac-teristics have significant effects, particularly on the probability of a downgrade. The effects of culture are robust to various controls and samples. There is also evidence that S&P’s past rating behaviours and Moody’s recent rating impact on S&P’s subsequent rating re-grades; however, the effect of Moody’s rating and Watchlist is not as strong as the impact of other control variables.

Keywords: sovereign rating; national culture; institutional characteristics; hazard model; time-varying covariates (search for similar items in EconPapers)
JEL-codes: G24 G28 H63 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2014-11
New Economics Papers: this item is included in nep-cul
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Persistent link: https://EconPapers.repec.org/RePEc:zen:wpaper:42

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