Factores determinantes del margen entre la deuda corporativa y la deuda pública en Colombia.

The paper makes an assessment of the factors behind corporate margin. Corporate margin is defined as the difference between the public debt spot rate and the corporative debt spot rate graded AAA and AA. Following Elton et al (2001), in corporate margin is defined as the sum of three factors: issuer default risk, issuance costs and systemic risk. The data used contains daily trading data from the Colombian Electronic Market (MEC) since January 2005 to November 2009. The default probabilities are estimated from a transition matrix calculated by the two main risk rating agencies within the Colombian market. [ABSTRACT FROM AUTHOR]