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Statistical analysis of municipal bond ratings under spatial correlation
dc.contributor.author | Sarmiento, Camilo | |
dc.date.accessioned | 2024-01-30T12:36:38Z | |
dc.date.available | 2024-01-30T12:36:38Z | |
dc.date.issued | 2006 | |
dc.identifier.issn | 1744-6546 | spa |
dc.identifier.uri | https://repositorio.escuelaing.edu.co/handle/001/2797 | |
dc.description.abstract | Este estudio utiliza un modelo logit espacial para evaluar el efecto estadístico de las condiciones de las comunidades en las calificaciones de los bonos municipales. Se encuentra que los ingresos privados (no agrícolas) en la comunidad explican positivamente las calificaciones de los bonos con significancia estadística, mientras que los ingresos provenientes de transferencias personales afectan negativamente las calificaciones. La propia fuente de ingresos de los gobiernos locales (impuestos locales) aumenta las calificaciones y los ingresos intergubernamentales (transferencias a los gobiernos locales) impactan negativamente las calificaciones. La deuda pendiente no logra explicar significativamente las calificaciones. La composición de la economía local (por ejemplo, el sector de servicios) pesa mucho en una calificación, y la proximidad del gobierno local a áreas con altas calificaciones de bonos municipales aumenta las calificaciones. | spa |
dc.description.abstract | This study uses a spatial logit model to evaluate the statistical effect of conditions of communities on municipal bond ratings. It finds that private (non-farm) earnings in the community positively explain bond ratings with statistical significance, while earnings from personal transfers negatively affect ratings. Own source of revenues of local governments (local taxes) increase ratings and inter-governmental revenues (transfers to local governments) negatively impact ratings. Outstanding debt fails to significantly explain ratings. The composition of the local economy (e.g., the service sector) weights heavily in a rating, and proximity of the local government to areas with high municipal bond ratings increases ratings. | eng |
dc.format.extent | 6 páginas | spa |
dc.format.mimetype | application/pdf | spa |
dc.language.iso | eng | spa |
dc.publisher | Taylor and Francis Group | spa |
dc.source | https://www.tandfonline.com/ | spa |
dc.title | Statistical analysis of municipal bond ratings under spatial correlation | eng |
dc.type | Artículo de revista | spa |
dc.type.version | info:eu-repo/semantics/publishedVersion | spa |
oaire.accessrights | http://purl.org/coar/access_right/c_14cb | spa |
oaire.version | http://purl.org/coar/version/c_970fb48d4fbd8a85 | spa |
dc.contributor.researchgroup | Centro de estudios económicos | spa |
dc.identifier.eissn | 1744-6554 | spa |
dc.identifier.instname | Universidad Escuela Colombiana de Ingeniería Julio Garavito | spa |
dc.identifier.reponame | Repositorio Digital | spa |
dc.identifier.repourl | https://repositorio.escuelaing.edu.co/ | spa |
dc.publisher.place | Estados Unidos | spa |
dc.relation.citationedition | Número 4 Volumen 2 de 2006 | spa |
dc.relation.citationendpage | 237 | spa |
dc.relation.citationissue | 4 | spa |
dc.relation.citationstartpage | 233 | spa |
dc.relation.citationvolume | 2 | spa |
dc.relation.ispartofjournal | Applied Financial Economics Letters | eng |
dc.relation.references | Aitchison, J. and Silvey, S. (1957) The generalization of probit analysis to multiple responses, Biometrika, 44, 131–40. | spa |
dc.relation.references | Cox, D. R. (1970) Analysis of Binary Data, Methuen, London. | spa |
dc.relation.references | Dubin, R. (1995) Estimating Logit models with Spatial Dependence. New Directions in Spatial Econometrics, Springer-Verlag, Berlin, Heidelberg, New York. | spa |
dc.relation.references | Ederington, L. H., Yawitz, J. B. and Roberts, B. E. (1987) The informational content of bond ratings, Journal of Financial Research, 10, 211–26. | spa |
dc.relation.references | Gailen, H. and Warga, A. (1997) The effect of bond-rating changes on bond price performance, Financial Analysts Journal, 20, 35–51. | spa |
dc.relation.references | Gailen, H. and Warga, A. (1997) The effect of bond-rating changes on bond price performance, Financial Analysts Journal, 20, 35–51. | spa |
dc.relation.references | Maddala, G. S. (1996) Limited Dependent and Qualitative Variables in Econometrics, Cambridge University Press, Cambridge | spa |
dc.relation.references | Public Securities Association (1998) Fundamentals of Municipal Bonds. | spa |
dc.relation.references | Sarmiento, C. (2005) A mean squared error estimator of market size in hedonic price analysis, Applied Economic Letters, 12, 355–9. | spa |
dc.relation.references | Sarmiento, C. and Wilson, W. (2005) Spatial modeling in technology adoption decisions: the case of shuttle train elevators, American Journal of Agricultural Economics, 87, 1033–44. | spa |
dc.relation.references | Sarmiento C. and Wilson, W. (2006) Spatially correlated exit strategies in the baking industry, Applied Economics, forthcoming. | spa |
dc.rights.accessrights | info:eu-repo/semantics/closedAccess | spa |
dc.subject.armarc | Econometría | |
dc.subject.armarc | Análisis de clasificación - Estadística | |
dc.subject.armarc | Modelo logit | |
dc.subject.armarc | Impuestos locales - Aspectos económicos | |
dc.subject.armarc | Econometrics | |
dc.subject.armarc | Ranking Analysis - Statistics | |
dc.subject.armarc | Logit model | |
dc.subject.armarc | Local taxes - Economic aspects | |
dc.type.coar | http://purl.org/coar/resource_type/c_6501 | spa |
dc.type.content | Text | spa |
dc.type.driver | info:eu-repo/semantics/article | spa |
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AG - Centro de Estudios Económicos [185]
Clasificación: C - Convocatoria 2018