Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/83955 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
CFS Working Paper No. 2013/03
Verlag: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Zusammenfassung: 
We provide an assessment of the determinants of the risk premia paid by non-financial corporations on long-term bonds. By looking at 5,500 issues over the period 2005-2012, we find that in recent years the sovereign debt market turbulence has been a major driver of corporate risk. Compared with the three-year period 2005-07 before the global financial crisis, in the years 2010-12 Italian, Spanish and Portuguese firms paid on average between 70 and 120 basis points of additional premium due to the negative spillovers from the sovereign debt crisis, while German firms got a discount of 40 basis points.
Schlagwörter: 
Corporate bonds
Risk-premium
Too big to fail, Sovereign debt crisis
JEL: 
G38
G32
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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