Do personal connections improve sovereign credit ratings?

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In a large sample of sovereign debt issues, we show that a personal connection between senior executives in credit rating agencies and leading politicians in the sovereign results in an improved rating. A test on bond yields suggest that the personal connection reflects a favorable treatment of the issuer.
Original languageEnglish
Article number101194
JournalFinance Research Letters
Early online date20 May 2019
Publication statusPublished - Mar 2020


  • Information asymmetries
  • Personal connections
  • Sovereign credit ratings

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