Narjess Boubakri ([1] HEC Montreal, Quebec, Canada[2] American University of Sharjah, United Arab Emirates) Jean-Claude Cosset (HEC Montreal, Quebec, Canada) Houcem Smaoui (King Fahd University of Petroleum and Minerals, Saudi Arabia)
Abstract
This paper investigates the link between privatization and emerging market sovereign bond spreads. We conjecture that the way privatization is implemented may help to build a favorable market sentiment by gradually building investor confidence, which should then lead to a lower required compensation for policy risk. Controlling for other determinants of sovereign bond spreads, we find that privatization proceeds do not affect spreads, while privatization progress and share issues reduce spreads. Journal of International Business Studies (2009) 40, 840–858. doi:10.1057/jibs.2008.100
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Volume (Year): 40 (2009) Issue (Month): 5 (June) Pages: 840-858 Download reference. The following formats are available: HTML
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