Sovereign CDS Premiums’ Reaction to Macroeconomic News: An Empirical Investigation

Table 6

Wilcoxon singed rank test results.

All countries	Wilcoxon signed rank test
Event window [−1; 1]
CAASCs bad news	188 bps
CAASCs good news	236 bps
Difference in effects	48 bps
	(0.025)

The symbol corresponds, respectively, to a significance level of 5%.