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首页> 外文期刊>Journal of Business Research >Country and industry effects in corporate bond spreads in emerging markets
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Country and industry effects in corporate bond spreads in emerging markets

机译：企业债券中的国家和行业效果在新兴市场传播

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摘要

We use corporate bond data from firms belonging to 13 emerging markets and eight industries from 2007 to 2013 to study whether and how country and industry effects determine the spread between their yield and the respective sovereign debt yield. Existing models ignore country and industry effects as they implicitly assume that firm, bond issues, local, and global factors capture these effects. We find that country and, especially, industry effects are significant in explaining corporate bond spreads. From a practitioner's point of view, our results are important as ignoring country and industry effects causes bonds to be mispriced in emerging markets, particularly in the energy, basic materials, and communications and technology sectors. We also find country effects for bonds from firms from Chile, Indonesia, and the Philippines, although with lower significance levels. Finally, and consistent with other recent papers, we also find violations of the sovereign ceiling rule.
机译：我们将公司债券数据从属于13个新兴市场和2007年至2013年的八个行业使用，研究国家和行业效果是否确定其收益率与各自的主权债务收益率之间的传播。现有型号忽略国家和行业效果，因为它们隐含地承担公司，债券问题，本地和全球因素捕获这些影响。我们发现该国，特别是行业效果在解释公司债券传播方面都很重要。从从业者的角度来看，我们的结果与忽视国家和行业影响导致债券在新兴市场中造成比价，特别是在能源，基础材料和通信和技术领域。我们还找到了来自智利，印度尼西亚和菲律宾公司的债券的国家影响，尽管具有较低的意义水平。最后，与其他近期文件一致，我们也发现违反主权吊船规则。

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