20.500.12556/RUL-152975 Understanding sovereign credit ratings text-based evidence from the credit rating reports We apply a novel approach to identifying the qualitative judgment of the rating committee in sovereign credit ratings by extending the traditional regression with new measures – sentiment and subjectivity scores – obtained by textual sentiment analysis methods. Using an ordered logit with random effects for 98 countries from 1995 to 2018, we find evidence that the subjectivity score provides additional information not captured by previously identified determinants of sovereign credit ratings, even after controlling for political risk, institutional strength, and potential bias. The results from the bivariate and multivariate analysis confirm differences in textual sentiment and subjectivity between emerging markets and advanced economies, as well as before and after the 2008 global financial crisis. financial markets financial instruments investments price policy models sovereign credit ratings sovereign credit rating reports textual sentiment analysis soft information bias subjectivity finančni trgi finančni instrumenti investicije politika cen modeli true false true Angleški jezik Slovenski jezik Članek v reviji 2023-12-13 12:08:21 2023-12-13 12:08:27 2023-12-14 03:55:09 0000-00-00 00:00:00 2023 0 0 29 str. art. 101838 Vol. 88 Oct. 2023 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336 1042-4431 10.1016/j.intfin.2023.101838 165323523 1-s2.0-S1042443123001063-main.pdf 1-s2.0-S1042443123001063-main.pdf 1 8E80B5C3FE65CC1EC10CC3544989B3F2 82d5e01c0f13389aa9fecc5dbfc0b19e88257bca7c5851de7865af4635b7256b 353230ca-99a8-11ee-9499-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=178735 https://www.sciencedirect.com/science/article/pii/S1042443123001063 0 13943a84-99a8-11ee-9499-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=178734 Ekonomska fakulteta 0 0 0