Table 14 (Cont.) - Random effects ordered Probit
|
__________Moody’s__________ |
__________S&P__________ |
________________Fitch________________ | ||||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
Constant |
8.13 |
7.00 |
3.22 |
7.63 |
2.46 |
3.71 |
|
Cut1 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Cut2 |
2.00 |
2.06 |
2.19 |
2.16 |
2.35 |
2.38 |
|
Cut3 |
3.40 |
3.36 |
4.12 |
4.07 |
3.33 |
3.43 |
|
Cut4 |
4.94 |
5.01 |
5.34 |
5.34 |
4.64 |
4.82 |
|
Cut5 |
5.94 |
6.14 |
7.11 |
7.19 |
5.77 |
5.93 |
|
Cut6 |
7.09 |
7.35 |
9.15 |
9.32 |
7.51 |
7.54 |
|
Cut7 |
8.65 |
8.92 |
10.75 |
10.80 |
9.13 |
9.02 |
|
Cut8 |
10.72 |
10.75 |
13.11 |
12.92 |
10.80 |
10.81 |
|
Cut9 |
11.76 |
11.82 |
14.59 |
14.30 |
11.82 |
12.02 |
|
Cut10 |
12.97 |
13.13 |
15.46 |
14.99 |
12.92 |
13.10 |
|
Cut11 |
14.25 |
14.49 |
17.49 |
16.59 |
15.30 |
15.42 |
|
Cut12 |
15.50 |
15.72 |
18.96 |
18.00 |
16.99 |
17.52 |
|
Cut13 |
17.62 |
17.50 |
21.51 |
19.99 |
17.63 |
18.42 |
|
Cut14 |
19.11 |
18.86 |
22.72 |
21.07 |
19.85 |
20.87 |
|
Cut15 |
20.60 |
20.26 |
24.54 |
23.00 |
22.11 |
23.07 |
|
Cut16______________ |
_______21.64 |
21.26 |
27.07 |
25.69 |
24.06 |
25.04 |
|
LogLik |
-566.33 |
-578.24 |
-514.45 |
-531.22 |
-537.09 |
-533.09 |
|
Observations |
________551 |
557 |
564 |
565 |
553 |
564 |
|
Equal differences $ |
29.26 (0.009) |
19.91 (0.133) |
52.21 (0.000) |
59.68 (0.000) |
68.57 (0.000) |
70.23 (0.000) |
|
Jump& |
[7-8] |
[7-8] |
[9-10] |
[12-13] | ||
|
Different Slopes# |
[2-3 ,5-6, 7-8, |
[2-3, 5-6, 7-8, |
[10-11, 13-14, |
[10-11, 11- 12, | ||
Test*18.22 (0.149) 12.22 (0.510) 19.23 (0.116) 14.02 (0.300) 22.03 (0.037) 16.69 (0.214)
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. & Identifies
two cut points that have a irregular difference. # Identifies a cluster of categories that seem to have a higher slope (increase difficulty in
transition between adjacent notches). *The null is that, excluding the jump point, within the two identified clusters the slopes are equal. The
test statistic is to be compared to a Qui-Square with either 13 degrees of freedom (if only a jump or different slopes was identified) or 12
degrees of freedom (if both where identified). The p-value is in brackets.
For the correspondence between the ratings and the cut-off points see note to Table 13.
48
More intriguing information
1. Social Irresponsibility in Management2. The name is absent
3. Labour Market Institutions and the Personal Distribution of Income in the OECD
4. The name is absent
5. The name is absent
6. The name is absent
7. The name is absent
8. Infrastructure Investment in Network Industries: The Role of Incentive Regulation and Regulatory Independence
9. Modelling the health related benefits of environmental policies - a CGE analysis for the eu countries with gem-e3
10. National urban policy responses in the European Union: Towards a European urban policy?