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Spreads Determinants of Corporate Bonds in State-Owned Companies. The COLDECO Case

Author

Listed:
  • Francisco Castañeda

    (Universidad de Santiago de Chile)

  • Víctor Caro

    (Universidad de Santiago de Chile)

  • Franco Contreras

    (Universidad de Santiago de Chile)

Abstract

Este artículo busca medir el impacto en el spread de la deuda financiera de CODELCO como resultado del cambio en varios factores, especialmente la caída del precio del cobre. En este sentido, el artículo aborda un asunto relacionado a las políticas públicas de Chile, ya que la baja en el precio del cobre ha reducido la contribución de la compañía al estado. El análisis es llevado a cabo con una muestra de datos trimestral que comprende un periodo entre 2003 y 2015, y el objetivo es medir los determinantes del spread desde la perspectiva del riesgo de crédito. Como se esperaba la relación entre la madurez promedio de los bonos y el spread es inversa, la probabilidad de default y el spread se relacionan positivamente y el precio del cobre se relaciona negativamente con el spread. Contrario a lo esperado, la clasificación de riesgo no es estadísticamente significativa y la razón entre caja y activos totales se relaciona positivamente con el spread de los bonos.

Suggested Citation

  • Francisco Castañeda & Víctor Caro & Franco Contreras, 2017. "Spreads Determinants of Corporate Bonds in State-Owned Companies. The COLDECO Case," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 12(4), pages 431-446, Octubre-D.
    • Handle: RePEc:imx:journl:v:12:y:2017:i:4:p:431-446
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    File URL: http://www.remef.org.mx/index.php/remef/article/view/242/302
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Spread de bonos; Emprea estatal; Precio del cobre; Riesgo de crédito; Sub capitalización;
    All these keywords.

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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