Alsakka, Rasha; ap Gwilym, Owain - In: Finance Research Letters 7 (2010) 3, pp. 140-147
Employing a random effects ordered probit model, this paper examines the sources of heterogeneity in sovereign credit ratings in emerging economies. The analysis uses data from six rating agencies for 90 countries. The model highlights the importance of considering the cross-section error, which...