活動起日：2016-06-02 發佈日期：2016-06-02 瀏覽數：694 2017-02-12 更新
時間: 6/7(二) 上午10:30-12:00
地點: 臺大管理學院二號館 302教室
講題：Credit Rating Changes of Peer Firms and Corporate Capital Structure
Firms reduce leverage when industry peers with the same credit rating were downgraded in the previous year. Firms with the highest investment- or speculative-grade rating exhibit the strongest reductions in net debt issuance by 2.13% and 1.90% of total assets, respectively. The peer effect is ubiquitous, but is particularly strong for smaller firms, investment-grade firms, and firms operating in more concentrated industries and during the earlier periods. We also document a lower-than-average effect where firms reduce leverage when their ratings are lower than the industry average. Importantly, the peer effect is distinct from this lower-than-average effect.