In Model III, higher returns on the EUROSTOXX 50 are associatedwith better ratings, as expected. Eurozone HY - IG and German risk-free are statistically significant at the one percent level.
In Model III,higher returns on the EUROSTOXX 50 are associatedwith better ratings,as expected. Eurozone HY - IG and German risk-free are statistically significantat the one percent level.