| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14890 |
| 来源ID | Working Paper 14890 |
| Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital? | |
| Darren J. Kisgen; Philip E. Strahan | |
| 发表日期 | 2009-04-16 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In February 2003, the SEC officially certified a fourth credit rating agency, Dominion Bond Rating Service ("DBRS"), for use in bond investment regulations. After DBRS certification, bond yields change in the direction implied by the firm's DBRS rating relative to its ratings from other certified rating agencies. A one notch better DBRS rating corresponds to a 39 basis point reduction in a firm's debt cost of capital. The impact on yields is driven by cases where the DBRS rating is better than other ratings and is larger among bonds rated near the investment-grade cutoff. These findings indicate that ratings-based regulations on bond investment affect a firm's cost of debt capital. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w14890 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572566 |
| 推荐引用方式 GB/T 7714 | Darren J. Kisgen,Philip E. Strahan. Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14890.pdf（196KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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