The impact of institutional factors on loss given default

• Main Authors: Ming-Yi Jhou, 周明儀
• Other Authors: Shih-Cheng Lee
• Format: Others
• Language: en_US
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/97uxrz

碩士 === 元智大學 === 財務金融暨會計碩士班(財務金融學程) === 105 === The thesis studies the impact of institutional factors on loss given default (LGD), which discusses the effect on origin of legal system, stability of judicial regimes, degree of corruption, adoption of International Financial Reporting Standards (IFRS), financial structure of countries, and political economy. The sample period covers 46 countries from 1983 to 2015. I run the ordinary least square regression individually in accordance with adoption of civil law; rating of judicial impartiality; perception of corruption; utilizing of International Financial Reporting Standards (IFRS); OCED membership (financial structure guarantee); and percentage of country-level output of state-owned enterprise. I find results that civil law countries have higher LGD relative to the common law countries; countries which have more efficient judicial system keep lower LGD. Countries with high corruption degree lead to the higher LGD. Countries which adopt the IFRS obtain the lower LGD. OECD members have relatively stable financial structure enjoy the lower LGD. Countries with less government intervention cause lower LGD.