Les déterminants de la prime de risque des emprunts obligataires des collectivités locales : une étude empirique sur la France et l'Espagne en 1998
AbstractThis paper attempts to analyze the determining factors of the risk premium of French and Spanish municipal bonds. The results show the impact of a subset of variables derived from published accounts and statistics on the risk premium : indebteness, current receipts structure and socio-economic variables. Two bonds characteristics (low rating and call provision) are also significant. JEL Classification : G15, G33, H74.
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Bibliographic InfoArticle provided by Armand Colin in its journal Revue d’Économie Régionale & Urbaine.
Volume (Year): février (2003)
Issue (Month): 1 ()
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Web page: http://www.cairn.info/revue-d-economie-regionale-et-urbaine.htm
local government; municipal bonds; default risk; rating;
Find related papers by JEL classification:
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
- H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
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