全球智库信息集成服务系统(G2TT): DP8446 Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8446
	DP8446 Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing
	Henri Servaes; Ramin Baghai; Ane Tamayo
发表日期	2011-06-01
出版年	2011
语种	英语
摘要	We document that rating agencies have become more conservative in assigning ratings to corporate bonds over the period 1985 to 2009. Holding firm characteristics constant, average ratings have dropped by 3 notches (e.g., from A+ to BBB+) over time. This increased stringency has affected both capital structure and debt spreads. Firms that suffer most from this conservatism issue less debt and have lower leverage. However, their debt spreads are lower compared to the spreads of firms that have not suffered from this conservatism, which implies that the market partly undoes the impact of conservatism on debt prices. This evidence suggests that firms and capital markets do not perceive that the increase in conservatism is fully warranted.
主题	Financial Economics
关键词	Capital structure Credit ratings Debt issues Debt spreads
URL	https://cepr.org/publications/dp8446
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537274
推荐引用方式 GB/T 7714	Henri Servaes,Ramin Baghai,Ane Tamayo. DP8446 Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing. 2011.