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This paper explores bond-level, issuer-level, and macro-level conditions that affect the distance between sovereign credit rating and sub-sovereign debt ratings. Over three-quarters of rated foreign-currency sub-sovereign bonds issued during 1990-2013 in 47 emerging and developing countries were rated at or below the corresponding sovereign rating, thus confirming the prevalence of a sovereign ceiling. For bonds rated below the sovereign ceiling, a Tobit regression shows strong sovereign-corporate links for financial firms, publicly-owned firms, and local government entities. International bonds tend to be rated closer to the sovereign rating during riskier global financial conditions. Well-developed domestic financial markets also tend to be related to a smaller distance, likely because of stronger macro-financial links for financial issuers. About 11 to 26 percent of the bonds had ratings higher than the sovereign rating, which was achieved mainly through securitization structures. This observation is confirmed using a double-hurdle estimation that accounts for bond and firm characteristics and macroeconomic conditions. The sovereign-corporate rating relationship became significantly stronger at the peak period of the 2008-09 global financial crisis, and appears to have weakened in the subsequent years.

Fixed Income Securities --- Global Financial Crisis --- International Debt Markets --- Sovereign Ceiling Violation --- Sovereign Credit Rating --- Spillover Effect --- Sub-Sovereign Rating

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This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated loans at maturities similar to those obtained by developed country firms. The composition and use of financing matters. Firms from developing countries borrow shorter term in domestic bond markets, but the differences in international issuances (accounting for most of the proceeds) are significantly smaller. Developing country firms borrow longer term in syndicated loan markets, which they partially use for infrastructure projects. However, only large firms from developing countries (similar in size to those from developed ones) issue bonds and syndicated loans. The short-termism in developing countries is partly explained by a lower proportion of firms using these markets, with more firms relying on other shorter-term instruments.

Capital Raising --- Corporate Bonds --- Developing Countries --- Domestic Debt --- Firm Financing --- International Debt --- Issuance Maturity --- Long-Term Debt --- Markets --- Short-Term Debt --- Syndicated Loans

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Les contributions rassemblées dans ce Liber Amicorum, relevant principalement du droit international privé et du droit comparé, sont autant de témoignages de reconnaissance, d’admiration, d’estime, de respect et surtout d’amitié d’anciens étudiants et assistants, de collègues belges et étrangers, de confrères, lecteurs et admirateurs qui ont tous été marqués et continuent d’être influencés par la pensée et la personnalité incroyablement chaleureuse du Professeur Nadine Watté.

BPB1706 --- STRADALEX --- Dette extérieure --- Droit international privé --- Libre circulation des personnes --- Droit des obligations --- Conflit de compétences --- kompetencestrid --- galių konfliktas --- pädevuste konflikt --- konflikt władzy --- behörighetskonflikt --- kompetenčný spor --- spor o pristojnosti oblasti --- machtsconflict --- сукоб политичке надлежности --- kunflitt ta' setgħat --- pilnvaru konflikts --- toimivaltaristiriita --- kompetenční spor --- hatásköri összeütközés --- konflikt i kompetencave --- конфликт на властите --- conflict of powers --- σύγκρουση αρμοδιοτήτων --- sukob ovlasti --- coinbhleacht cumhachtaí --- conflito de poderes --- conflitto di poteri --- conflicto de competencias --- conflict de competențe --- судир меѓу властите --- politischer Kompetenzstreit --- įgaliojimų konfliktas --- spor o kompetence --- conflicto de poderes --- hatásköri konfliktus --- kompetenční pře --- σύγκρουση εξουσιών --- konflikt pravomocí --- maktstrid --- conflit de pouvoirs --- závazkové právo --- obligacijsko pravo --- võlaõigus --- verbintenisrecht --- e drejta e detyrimeve --- Schuldrecht --- liġi tal-obbligi --- saistību tiesības --- prievolių teisė --- law of obligations --- ενοχικό δίκαιο --- fordringsret --- prawo zobowiązań --- obligationsrätt --- Derecho de las obligaciones --- záväzkové právo --- diritti di obbligazioni --- kötelmi jog --- облигационно право --- dlí na n-oibleagáidí --- velvoiteoikeus --- direito de obrigações --- dreptul obligațiilor --- облигационо право --- obvezno pravo --- облигациско право --- obbligazione civile --- závazky --- civiele verbintenis --- obligación civil --- obligationsret --- αστική ενοχή --- obligation civile --- fri bevægelighed for personer --- fri rörlighet för personer --- livre circulação de pessoas --- volný pohyb osob --- isikute vaba liikumine --- henkilöiden vapaa liikkuvuus --- ελεύθερη κυκλοφορία των προσώπων --- moviment liberu tal-persuni --- laisvas asmenų judėjimas --- free movement of persons --- freier Personenverkehr --- prosto gibanje oseb --- libre circulación de personas --- слобода кретања људи --- libera circulație a persoanelor --- személyek szabad mozgása --- slobodno kretanje osoba --- sloboda pohybu osôb --- lëvizje e lirë e njerëzve --- свободно движение на хора --- libera circolazione delle persone --- personu brīva kustība --- swobodny przepływ osób --- saorghluaiseacht daoine --- слободно движење на лица --- vrij verkeer van personen --- svobodný pohyb osob --- слободно движење на луѓе --- međunarodno privatno pravo --- tarptautinė privatinė teisė --- nemzetközi magánjog --- dlí idirnáisiúnta príobháideach --- międzynarodowe prawo prywatne --- e drejtë ndërkombëtare private --- международно частно право --- international privatret --- medzinárodné súkromné právo --- Derecho internacional privado --- mednarodno zasebno pravo --- internationales Privatrecht --- internationell privaträtt --- starptautiskās privāttiesības --- ιδιωτικό διεθνές δίκαιο --- private international law --- internationaal privaatrecht --- diritto internazionale privato --- међународно приватно право --- drept internațional privat --- rahvusvaheline eraõigus --- kansainvälinen yksityisoikeus --- dritt privat internazzjonali --- direito internacional privado --- mezinárodní právo soukromé --- меѓународно приватно право --- меродавно право --- conflict of laws --- lei aplicável --- použitelný právní předpis --- kollisiooninorm --- wetsconflict --- διεθνές αστικό δίκαιο --- ley aplicable --- internationell civilrätt --- uporaba prava --- e drejtë civile ndërkombëtare --- conflito de leis --- conflict de legi --- international civilret --- collisieregel --- признавање и извршување странски судски одлуки --- меѓународна судска надлежност --- признавање и извршување странски управни одлуки --- toepasselijk recht --- direito civil internacional --- internationales Zivilrecht --- papajtueshmëri e ligjeve --- international civil law --- privatinė tarptautinė teisė --- prawo kolizyjne --- applicable law --- судир на законите --- международно гражданско право --- starptautiskās civiltiesības --- приложим закон --- Gesetzeskollision --- ligji i zbatueshëm --- likumu konflikts --- Derecho civil internacional --- gældende lov --- lagkollision --- teisės normų kolizija --- kolízia zákonov --- kolizja ustaw --- постапување по замолници --- lagkonflikt --- conflicto entre leyes --- процесна положба на странците --- internationaal burgerrecht --- tarptautinė civilinė teisė --- lovkonflikt --- taikytina teisė --- easaontas dlí --- conflitto di leggi. --- rahvusvaheline tsiviilõigus --- kollíziós jog --- lege aplicabilă --- konflitt tal-liġijiet --- σύγκρουση νόμων --- колизия на закони --- prawo mające zastosowanie --- међународно грађанско право --- wettenconflict --- kolize zákonů --- kolizija zakonov --- diritto civile internazionale --- spēkā esošs tiesību akts --- conflit de lois --- legge applicabile --- lainvalinta --- anwendbares Recht --- alkalmazandó jog --- меѓународна правна помош --- легализација на странски јавни исправи --- mezinárodní občanské právo --- conflito de ordens jurídicas --- loi applicable --- mednarodno civilno pravo --- tillämplig lag --- medzinárodné občianske právo --- conflicto de leyes --- kansainvälinen siviilioikeus --- сукоб закона --- rozhodné právo --- kohaldatav õigus --- droit civil international --- εφαρμοστέο δίκαιο --- sovellettava laki --- dlí príobháideach idirnáisiúnta --- fiachas seachtrach --- buitenlandse schuld --- dejn estern --- Auslandsschuld --- skola užsieniui --- εξωτερικό χρέος --- utlandsskuld --- zahraniční dluh --- zahraničný dlh --- vanjski dug --- dług zagraniczny --- borxhi i jashtëm --- ārējais parāds --- надворешен долг --- external debt --- zunanji dolg --- külföldi adósság --- udlandsgæld --- debito estero --- ulkomaanvelka --- deuda exterior --- спољни дуг --- външен дълг --- dívida externa --- välisvõlg --- datorie externă --- kansainvälinen velka --- datorie internațională --- internationell skuldsättning --- disavanzo con l'estero --- medzinárodný dlh --- Außenschuld --- međunarodni dug --- debito internazionale --- internationale schuld --- riigi välisvõlg --- nemzetközi tartozás --- inozemni dug --- меѓународен долг --- starptautiskais parāds --- Außenverschuldung --- international debt --- долг кон мултилатерални кредитори --- užsienio skola --- tarptautinė skola --- mezinárodní dluh --- zahraniční zadlužení --- сервисирање на надворешниот долг --- εξωτερικό δημόσιο χρέος --- borxh ndërkombëtar --- deuda internacional --- internationale Schulden --- dívida internacional --- külső adósság --- international gæld --- долг кон странство --- dette internationale --- Droit comparé --- Watté, Nadine --- Conflict of laws --- Comparative law --- Watté, Nadine --- EPUB-ALPHA-L EPUB-LIV-FT LIVDROIT STRADA-B