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Länders kreditbetyg – samma idag som de en gång var? En studie av Moody’s betygsättningsprocess över tid.

Carlsson, Johanna LU ; Malmberg, Cecilia LU and Sundvall, Åke LU (2018) FEKH89 20181
Department of Business Administration
Abstract (Swedish)
Titel: Länders kreditbetyg – samma idag som de en gång var?
Datum för seminarium: 31/05/2018
Kurs: FEKH89
Författare: Johanna Carlsson, Cecilia Malmberg, Åke Sundvall
Handledare: Anamaria Cociorva
Nyckelord: Kreditbetyg på länder, WGI, makroekonomiska variabler,
utveckling över tid, konservatism
Syfte: Att undersöka vare sig Moody´s blivit mer konservativa
gällande betygsättning av länder samt de underliggande
variablernas utveckling över tid.
Metod: Kvantitativ undersökning
Teoretiskt perspektiv: Majoriteten av tidigare forskning undersöker vilka faktorer,
både kvalitativa och kvantitativa, som påverkar länders
kreditbetyg. Även undersökningar av konservatism kring
företags kreditbetyg finns. Däremot finns det begränsat med
... (More)
Titel: Länders kreditbetyg – samma idag som de en gång var?
Datum för seminarium: 31/05/2018
Kurs: FEKH89
Författare: Johanna Carlsson, Cecilia Malmberg, Åke Sundvall
Handledare: Anamaria Cociorva
Nyckelord: Kreditbetyg på länder, WGI, makroekonomiska variabler,
utveckling över tid, konservatism
Syfte: Att undersöka vare sig Moody´s blivit mer konservativa
gällande betygsättning av länder samt de underliggande
variablernas utveckling över tid.
Metod: Kvantitativ undersökning
Teoretiskt perspektiv: Majoriteten av tidigare forskning undersöker vilka faktorer,
både kvalitativa och kvantitativa, som påverkar länders
kreditbetyg. Även undersökningar av konservatism kring
företags kreditbetyg finns. Däremot finns det begränsat med
studier som granskar potentiell konservatism kring betygsättning
av länder, vilket denna studie därmed ämnar att undersöka.
Vidare vill studien bidra med ett nytt perspektiv genom att
undersöka vilka variabler denna potentiella konservatism
grundar sig i.
Empiri: 132 länder var initialt inkluderade i studien. Den undersökta
tidsperioden sträcker sig mellan åren 1998-2016. Datan
hämtades från Världsbanken, Internationella Valutafonden,
Euromonitor samt Moody’s egna databas.
Resultat: Moody’s har blivit mer konservativa i sin betygsättning. En
förändring hos variablernas koefficienter har skett där Inflation,
Regulatory Quality, GDP per capita, GDP growth och External
Debt har ökat medan Default History, Economic Development,
Political Stability and Absence of Violence/Terrorism och Voice
and Accountability har minskat. (Less)
Abstract
Title: Sovereign Ratings – Same Today As They Once Were?
Seminar date: 31/05/2018
Course: FEKH89
Authors: Johanna Carlsson, Cecilia Malmberg, Åke Sundvall
Advisor: Anamaria Cociorva
Key Words: Sovereign credit rating, WGI, macroeconomic variables,
development over time, conservatism
Purpose: To examine the conservatism of sovereign ratings according to
Moody´s rating standards as well as the underlying variables over
time.
Methodology: Quantative research
Theoretical perspective: The majority of earlier research examines which factors affects
sovereign credit ratings, both quantitative and qualitative. It also
exists research that examines conservatism of company credit
ratings. However, there is limited exploration of... (More)
Title: Sovereign Ratings – Same Today As They Once Were?
Seminar date: 31/05/2018
Course: FEKH89
Authors: Johanna Carlsson, Cecilia Malmberg, Åke Sundvall
Advisor: Anamaria Cociorva
Key Words: Sovereign credit rating, WGI, macroeconomic variables,
development over time, conservatism
Purpose: To examine the conservatism of sovereign ratings according to
Moody´s rating standards as well as the underlying variables over
time.
Methodology: Quantative research
Theoretical perspective: The majority of earlier research examines which factors affects
sovereign credit ratings, both quantitative and qualitative. It also
exists research that examines conservatism of company credit
ratings. However, there is limited exploration of conservatism
concerning sovereign ratings. This study aims to investigate
whether a similar trend of conservatism exists for sovereign
ratings as for corporate ratings. Furthermore, the study wants to
contribute with a new perspective and therefor explores for which
variables potential conservatism exists.
Empirical foundation: Initially 132 countries were included in the study. The examined
time period extends from 1998-2016. Data was collected from
The World Bank, International Monetary Fund, Euromonitor and
Moody´s own database.
Conclusions: Moody’s rating methodology have become more conservative. A
change in the coefficients of the variables has taken place where
Inflation, Regulatory Quality, GDP per capita, GDP growth and
External Debt have increased while Default History, Economic
Development, Political Stability and Absence of
Violence/Terrorism and Voice and Accountability have decreased. (Less)
Please use this url to cite or link to this publication:
author
Carlsson, Johanna LU ; Malmberg, Cecilia LU and Sundvall, Åke LU
supervisor
organization
alternative title
Sovereign Ratings – Same Today As They Once Were?
course
FEKH89 20181
year
type
M2 - Bachelor Degree
subject
keywords
Kreditbetyg på länder, WGI, makroekonomiska variabler, utveckling över tid, konservatism
language
Swedish
id
8954476
date added to LUP
2018-07-10 08:48:42
date last changed
2018-07-10 08:48:42
@misc{8954476,
  abstract     = {Title: Sovereign Ratings – Same Today As They Once Were?
Seminar date: 31/05/2018
Course: FEKH89
Authors: Johanna Carlsson, Cecilia Malmberg, Åke Sundvall
Advisor: Anamaria Cociorva
Key Words: Sovereign credit rating, WGI, macroeconomic variables,
development over time, conservatism
Purpose: To examine the conservatism of sovereign ratings according to
Moody´s rating standards as well as the underlying variables over
time.
Methodology: Quantative research
Theoretical perspective: The majority of earlier research examines which factors affects
sovereign credit ratings, both quantitative and qualitative. It also
exists research that examines conservatism of company credit
ratings. However, there is limited exploration of conservatism
concerning sovereign ratings. This study aims to investigate
whether a similar trend of conservatism exists for sovereign
ratings as for corporate ratings. Furthermore, the study wants to
contribute with a new perspective and therefor explores for which
variables potential conservatism exists.
Empirical foundation: Initially 132 countries were included in the study. The examined
time period extends from 1998-2016. Data was collected from
The World Bank, International Monetary Fund, Euromonitor and
Moody´s own database.
Conclusions: Moody’s rating methodology have become more conservative. A
change in the coefficients of the variables has taken place where
Inflation, Regulatory Quality, GDP per capita, GDP growth and
External Debt have increased while Default History, Economic
Development, Political Stability and Absence of
Violence/Terrorism and Voice and Accountability have decreased.},
  author       = {Carlsson, Johanna and Malmberg, Cecilia and Sundvall, Åke},
  keyword      = {Kreditbetyg på länder,WGI,makroekonomiska variabler,utveckling över tid,konservatism},
  language     = {swe},
  note         = {Student Paper},
  title        = {Länders kreditbetyg – samma idag som de en gång var? En studie av Moody’s betygsättningsprocess över tid.},
  year         = {2018},
}