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2.2.3.6. A branch accessory

In a number of empirical researches influence of a kind of economic activities of the company on the restoration rate is established. In table 5 average significances of the rate of restoration on the various branch groups, calculated in E.Altman and V.Kishor's research [27] are shown.

Research was conducted on the sample consisting of 696 supervision of defaults under corporate bonds of emitters of the USA, occurred with 1971 for 1995 Authors have allocated 18 groups consisting of similar kinds of activity.

Table 5. Average significances of rates of restoration depending on economic activities kind

Branch group

The restoration rate in

% From nominal value

Quantity of supervision

Municipal services

70,47

56

The chemical industry, petroleum industry, rubber and plastic production

62,73

35

Mechanical engineering, production of the equipment and other connected products

48,74

36

Rendering of services (carriage, medical services, laundries and dry-cleaners, engineering repair)

46,23

14

Production of a foodstuff

45,28

18

Wholesale and retail trade

44,00

12

Other branches of a manufacturing industry

42,29

20

Casino, entertainments, hotels

40,15

21

Production of building materials, metallurgy

38,76

68

Transport and production of means of transport

38,42

52

Telecommunications, communication, the film industry

37,08

65

Financial services

35,69

66

Building and the real estate

35,27

35

Home appliances sale, furniture sale, other sales, food shops, restaurants and cafe

33,16

89

The mining industry and oil and gas extraction

33,02

45

The textile industry

31,66

31

Derevoobrabatyvajushchaja, tselljulozno -

The paper industry

29,77

11

Hospitals and sanatoria

26,49

22

Average significance / all supervision

41,00

696


Average significance on sample makes 41 %. However depending on a kind of economic activities the restoration rate accepts significances from 26,5 % to 70,5 %.

The average rate of restoration calculated on defaults of the companies from branch of municipal services, is maximum, that also is confirmed P.Varma's with researches [108] and V.Acharija [23]. The given law has the special name effect of municipal services. It consists in that, at inclusion of branch of municipal services in multifactorial regressionnye models the statistical importance of indicators of an accessory to other branches is lost.

2.2.3.7. The rating of promissory notes averaged on branch

The rating of promissory notes averaged on branch characterises its credit risk. In P.Varma's research [108] dependence of the rate of restoration on the credit rating averaged on branch weighed on an amount of debt of corporate borrowers for year before a default is studied. According to the received results, the rate of restoration for borrowers with higher rating of a debt from B1 to Ba1 has made 42 %, whereas for group with a rating more low B1 only 35 %. However for group of borrowers with the lowest risk level (with a rating above Ba1) the restoration rate has appeared equal 35 %.

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A source: Antonova Ekaterina Njaimovna. Estimation of the recovery rate for corporate bonds of Russian issuers. Thesis for the degree of candidate of economic sciences. Moscow 2013. 2013

More on topic 2.2.3.6. A branch accessory:

  1. a branch accessory of relations in sphere of the state credit
  2. 2. The legal nature and a branch accessory of activity on execution of measures of remedial compulsion
  3. 2. Dogovory on a branch accessory of norms regulating them and character of public relations regulated by them
  4. 1.1 Interbranch analyses and a branch accessory of the legal institution of rehabilitation
  5. 5. Accessory Finding of fact pravoustanavlivajushchih documents
  6. 3. Accessory Finding of fact pravoustanavlivajushchego the document
  7. 1.1. Independence of branch of the family law as the precondition of allocation of family-branch obligations
  8. 3.2.6 Metaphors of acquisition of a social accessory and ASSIMILATION
  9. 2. An accessory of managing subjects to the certain market as the basis of application of measures of the antimonopoly Regulations.
  10. 9.2. The prevention of female sterility depending on the experience, an age and professional accessory
  11. the Nationality and the personal statute as the categories characterising the state accessory and the legal personality of the legal person
  12. 2.2.3.2. Branch factor Q
  13. 2.2.3.1. Average yield of shares on branch
  14. 2.2.3.5. Specialisation of the basic assets in branch
  15. 2.2.3. Branch factors
  16. Branch level of preplanned documents.
  17. Branch structure.
  18. 2.2.3.4. Liquidity level in branch
  19. Standards of automobile branch
  20. Structure and the requests presented to strategic programs of development of branch