Table 13 (Cont.) - Ordered Probit (robust standard errors)
|
__________Moody’s__________ |
__________S&P_________ |
________________Fitch_______________ | ||||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
Constant |
3.97 |
3.63 |
5.08 |
2.93 |
4.12 |
6.76 |
|
Cut1 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Cut2 |
1.79 |
1.77 |
1.73 |
1.74 |
2.14 |
2.12 |
|
Cut3 |
2.66 |
2.63 |
2.65 |
2.69 |
2.87 |
2.85 |
|
Cut4 |
3.49 |
3.43 |
3.21 |
3.28 |
3.72 |
3.68 |
|
Cut5 |
3.99 |
3.89 |
3.92 |
4.00 |
4.27 |
4.23 |
|
Cut6 |
4.60 |
4.49 |
4.91 |
4.98 |
5.22 |
5.17 |
|
Cut7 |
5.47 |
5.39 |
5.72 |
5.78 |
6.30 |
6.17 |
|
Cut8 |
6.78 |
6.63 |
6.90 |
6.99 |
7.51 |
7.30 |
|
Cut9 |
7.50 |
7.35 |
7.80 |
7.89 |
8.32 |
8.06 |
|
Cut10 |
8.27 |
8.08 |
8.33 |
8.42 |
9.00 |
8.76 |
|
Cut11 |
9.04 |
8.81 |
9.61 |
9.69 |
10.50 |
10.30 |
|
Cut12 |
9.61 |
9.36 |
10.60 |
10.58 |
11.39 |
11.15 |
|
Cut13 |
10.18 |
9.90 |
11.18 |
11.07 |
11.45 |
11.19 |
|
Cut14 |
10.72 |
10.39 |
11.46 |
11.32 |
12.26 |
11.93 |
|
Cut15 |
11.50 |
11.12 |
12.22 |
11.99 |
13.24 |
12.89 |
|
Cut16______________ |
_______12.07 |
11.68 |
13.32 |
13.02 |
13.82 |
13.46 |
|
LogPseudoLik |
-704.56 |
-727.14 |
-743.14 |
-755.25 |
-602.85 |
-614.66 |
|
Pseudo R2 |
0.500 |
0.490 |
0.495 |
0.488 |
0.504 |
0.495 |
|
Countries |
66 |
66 |
65 |
65 |
58 |
58 |
|
Observations________ |
________551 |
557 |
564 |
565 |
480 |
481 |
|
Equal differences$ Jump& |
12.97 (0.529) |
13.21 (0.510) |
32.22 (0.004) 14.31 (0.352) |
38.33 (0.001) 15.32 (0.288) |
139.81 (0.000) |
182.87 (0.000) |
Notes: The t statistics are in parentheses. *, **, *** - statistically significant at the 10, 5, and 1 per cent $The null is that the differences
between categories is equal for all categories. The test statistic is to be compared to a Qui-Square with 14 degrees of freedom. & The null is
that the differences between categories is equal for all categories except for the identified jump. The test statistic is to be compared to a Qui-
Square with 13 degrees of freedom. The p-value is in brackets.
The correspondence between the ratings, R, and the cut-off points is specified below:
|
' BBB + |
if |
c10 >Rit >c9 | ||
|
BBB |
if |
c >R*>c | ||
|
' AAA if Rit * > c16 |
9it 8 * | |||
|
AA + if C16 > Rtt * > C15 |
BBB- |
if |
c8>Rit >c7 | |
|
AA if C15 > Rtt * > C14 |
BB + |
if |
c7>Rit >c6 | |
|
R., = ■ |
AA - if C14 > Rt, * > C13 p Rif = ^ |
BB |
if |
c6> Rit* >c5 |
|
it |
A + if C13 > R, > C12 it |
BB - |
if |
c5> Rit* >c4 |
|
A if C12 > Rtt * > C11 |
B+ |
if |
c4> Rit* >c2 | |
|
A - if C11 > Rit * > C10 |
B |
if |
c3> Rit* >c2 | |
|
I |
B - |
if |
c2>Rit * >c1 | |
|
< CCC + |
.if |
c1 >Rit * | ||
46
More intriguing information
1. The name is absent2. The effect of classroom diversity on tolerance and participation in England, Sweden and Germany
3. Fortschritte bei der Exportorientierung von Dienstleistungsunternehmen
4. Natural Resources: Curse or Blessing?
5. Improvement of Access to Data Sets from the Official Statistics
6. The Formation of Wenzhou Footwear Clusters: How Were the Entry Barriers Overcome?
7. An Investigation of transience upon mothers of primary-aged children and their school
8. Manufacturing Earnings and Cycles: New Evidence
9. The name is absent
10. References