Pricing Sovereign Debt: Foreign versus Local Parameters
研究了主权债券在外国参数（如外国法律、外币、外国交易所）与本地参数下发行的定价差异，发现投资者认为外国参数债券风险更低，且主权国家能以更低收益率发行这类债券。
Abstract Sovereign bonds may be issued under either local or foreign parameters. This decision involves a tradeoff between the sovereign retaining discretion in managing the issue and relinquishing control to third parties. Examining three key bond parameters − governing law, currency, and stock exchange listing − we find that investors generally consider foreign‐parameter debt to be less risky than comparable local‐parameter debt issued by same sovereign. By matching the foreign‐ and local‐parameter bonds of sovereigns that have issued both, we find that, with few exceptions, both investment grade and non‐investment grade sovereigns are able to issue their foreign‐parameter bonds at relatively lower yields.