The asset value of government has traditionally been seen as the accounting value of public assets. We develop a detailed financial economics view on sovereign asset values using market measures to arrive at implied sovereign asset values. We establish definition and dependencies within the...

Purpose – The purpose of this paper is to introduce a methodology to evaluate sovereign risk. Hereby, a value-based approach using different market measures is introduced. Design/methodology/approach –This study’s approach aims to provide a value-based assessment of sovereign risk,...

Using the contingent claim approach and market data on sovereign credit default swaps we assess the drivers of a country s risk perception. Deriving market-based asset values for a set of advanced economies we gain insights into the capital markets perspectives on sovereign creditworthiness. We...

Using the contingent claim approach and market data on sovereign credit default swaps we assess the drivers of a country's risk perception. Deriving market-based asset values for a set of advanced economies we gain insights into the capital markets' perspectives on sovereign creditworthiness. We...

The rise and subsequent collapse of US house prices was one of the factors underlying the recent financial crisis. One could expect that the crisis brought increased attention to the housing market and thus led to stronger market reactions to house price news. We find that reactions indeed...

Austria is one of 10 countries involved in the OECD CERI (Centre for Educational Research and Innovation) Environment and School Initiatives (ENSI) project. Begun in 1986, ENSI is one of the first international projects to promote development and research in ambitious, environment-oriented...

L’Autriche est l’un des dix pays qui participent à l’action de l’école en faveur de l’environnement (ENSI) du CERI (Centre pour la recherche et l’innovation dans l’enseignement) de l’OCDE. Commencé en 1986, l’ENSI est l’un des premiers projets internationaux qui promeut la...

The recent financial crisis manifested the criticism to rating agencies of being slow in adjusting their rating to current conditions. This paper examines the timeliness of rating changes and identifies factors which result in ‘stickiness’ of rating actions. Knowledge of the stickiness of...