The name is absent



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,
10-11,12-13,
14-15, 15-16]

[2-3, 5-6, 7-8,
12-13, 14-15,
15-16]

[10-11, 13-14,
14-15,15-16]

[10-11, 11- 12,
13-14,14-15,
15-16]

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



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