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Do Firms Target Credit Ratings or Leverage Levels?

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Cited by:

  1. Drago, Danilo & Gallo, Raffaele, 2017. "The impact of sovereign rating changes on the activity of European banks," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 99-112.
  2. Nguyen, Thu Ha & Lan, Yihui & Treepongkaruna, Sirimon & Zhong, Rui, 2023. "Credit rating downgrades and stock price crash risk: International evidence," Finance Research Letters, Elsevier, vol. 55(PB).
  3. Clemente-Almendros, José A. & Sogorb-Mira, Francisco, 2018. "Costs of debt, tax benefits and a new measure of non-debt tax shields: examining debt conservatism in Spanish listed firms," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 21(2), pages 162-175.
  4. Patrycja Chodnicka-Jaworska, "undated". "Banks Credit Rating Changes And Their Stock Prices €“ The Impact Of Political Divisions And Economy Development," Review of Socio - Economic Perspectives 201603, Reviewsep.
  5. Hasan, Iftekhar & Kim, Suk-Joong & Politsidis, Panagiotis N. & Wu, Eliza, 2021. "Loan syndication under Basel II: How do firm credit ratings affect the cost of credit?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
  6. Manuel Adelino & Igor Cunha & Miguel A. Ferreira, 2017. "The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration," Review of Financial Studies, Society for Financial Studies, vol. 30(9), pages 3223-3268.
  7. Mascia Bedendo & Linus Siming, 2018. "The mitigating effect of bank financing on shareholder value and firm policies following rating downgrades," Post-Print hal-01636854, HAL.
  8. Chandan Sharma & Archana Singh & Rajan Yadav, 2023. "Impact of Competition in Credit Rating Industry: Evidence From India," SAGE Open, , vol. 13(1), pages 21582440221, January.
  9. Rana Abdelhafeez Feda, 2020. "The Impact of Credit Ratings on Firms Capital Structure," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 92-101.
  10. Gunter Löffler, 2013. "Can Market Discipline Work in the Case of Rating Agencies? Some Lessons from Moody’s Stock Price," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(2), pages 149-174, April.
  11. Khoo, Joye & Cheung, Adrian (Wai Kong), 2021. "Does geopolitical uncertainty affect corporate financing? Evidence from MIDAS regression," Global Finance Journal, Elsevier, vol. 47(C).
  12. Park, Jin, 2019. "Financial constraints and the cash flow sensitivities of external financing: Evidence from Korea," Research in International Business and Finance, Elsevier, vol. 49(C), pages 241-250.
  13. Kiesel, F., 2016. "The effect of credit and rating events on credit default swap and equity markets," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 81247, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  14. Ahmed A. Elamer & Collins G. Ntim & Hussein A. Abdou & Andrews Owusu & Mohamed Elmagrhi & Awad Elsayed Awad Ibrahim, 2021. "Are bank risk disclosures informative? Evidence from debt markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1270-1298, January.
  15. Norden, Lars & van Kampen, Stefan, 2013. "Corporate leverage and the collateral channel," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5062-5072.
  16. Valentina Bruno & Jess Cornaggia & Kimberly J. Cornaggia, 2016. "Does Regulatory Certification Affect the Information Content of Credit Ratings?," Management Science, INFORMS, vol. 62(6), pages 1578-1597, June.
  17. Armen Hovakimian & Ayla Kayhan & Sheridan Titman, 2012. "Are Corporate Default Probabilities Consistent with the Static Trade-off Theory?," The Review of Financial Studies, Society for Financial Studies, vol. 25(2), pages 315-340.
  18. Faiza Sajjad & Muhammad Zakaria, 2018. "Credit Rating as a Mechanism for Capital Structure Optimization: Empirical Evidence from Panel Data Analysis," IJFS, MDPI, vol. 6(1), pages 1-14, January.
  19. Apostolos Dasilas & Nicolas Papasyriopoulos, 2015. "Corporate governance, credit ratings and the capital structure of Greek SME and large listed firms," Small Business Economics, Springer, vol. 45(1), pages 215-244, June.
  20. Faiza Sajjad & Muhammad Zakaria, 2018. "Credit Ratings and Liquidity Risk for the Optimization of Debt Maturity Structure," JRFM, MDPI, vol. 11(2), pages 1-16, May.
  21. Ma, Xinru & He, Jingbin, 2023. "Air pollution and corporate green innovation in China," Economic Modelling, Elsevier, vol. 124(C).
  22. Moore, Jared A. & Xu, Li, 2018. "Book-tax differences and costs of private debt," Advances in accounting, Elsevier, vol. 42(C), pages 70-82.
  23. Abad, P. & Ferreras, R. & Robles, M.D., 2020. "Intra-industry transfer effects of credit risk news: Rated versus unrated rivals," The British Accounting Review, Elsevier, vol. 52(1).
  24. Jianfu Shen & Kwong Wing Chau, 2022. "The Effect of Access to the Public Debt Market on Corporate Financing Decisions: The Case of REITs," Sustainability, MDPI, vol. 14(13), pages 1-19, June.
  25. Drago, Danilo & Gallo, Raffaele, 2017. "The impact of sovereign rating changes on European syndicated loan spreads: The role of the rating-based regulation," Journal of International Money and Finance, Elsevier, vol. 73(PA), pages 213-231.
  26. Stefan Dierkes & Ulrich Schäfer, 2017. "Corporate taxes, capital structure, and valuation: Combining Modigliani/Miller and Miles/Ezzell," Review of Quantitative Finance and Accounting, Springer, vol. 48(2), pages 363-383, February.
  27. Karampatsas, Nikolaos & Petmezas, Dimitris & Travlos, Nickolaos G., 2014. "Credit ratings and the choice of payment method in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 474-493.
  28. Kiesel, F. & Kolaric, S., 2018. "Measuring the effect of watch-preceded and direct rating changes: a note on credit markets," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 87386, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  29. Subash Sasidharan & M. Padmaja, 2018. "Do Financing Constraints Impact Outward Foreign Direct Investment? Evidence from India," Asian Development Review, MIT Press, vol. 35(1), pages 108-132, March.
  30. Florian Kiesel, 2021. "It's the tone, stupid! Soft information in credit rating reports and financial markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(3), pages 553-585, September.
  31. Emmanuel Iatridis, George, 2018. "Accounting discretion and executive cash compensation: An empirical investigation of corporate governance, credit ratings and firm value," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 29-49.
  32. Chauhan, Gaurav Singh & Huseynov, Fariz, 2018. "Corporate financing and target behavior: New tests and evidence," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 840-856.
  33. Bedendo, Mascia & Siming, Linus, 2018. "The mitigating effect of bank financing on shareholder value and firm policies following rating downgrades," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 94-108.
  34. Wojewodzki, Michal & Boateng, Agyenim & Brahma, Sanjukta, 2020. "Credit rating, banks' capital structure and speed of adjustment: A cross-country analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 69(C).
  35. Yung‐Ling Chi & Sean Flynn, 2022. "The impact of credit rating information on disclosure quality," Financial Management, Financial Management Association International, vol. 51(1), pages 73-115, March.
  36. Darren J. Kisgen & Philip E. Strahan, 2009. "Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?," NBER Working Papers 14890, National Bureau of Economic Research, Inc.
  37. Patrycja Chodnicka-Jaworska, 2018. "Banks’ Credit Rating Changes and Their Stock Prices – the Impact of Political Divisions and Economy Development," Faculty of Management Working Paper Series 22018, University of Warsaw, Faculty of Management.
  38. Mengyao Kang, 2022. "Credit rating downgrade risk and acquisition decisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 1011-1073, May.
  39. Aktas, Nihat & Petmezas, Dimitris & Servaes, Henri & Karampatsas, Nikolaos, 2021. "Credit ratings and acquisitions," Journal of Corporate Finance, Elsevier, vol. 69(C).
  40. Hubert Tchakoute Tchuigoua, 2015. "Capital Structure of Microfinance Institutions," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 313-340, June.
  41. Eisl, Alexander & Elendner, Hermann W. & Lingo, Manuel, 2015. "Re-Mapping Credit Ratings," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 492, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  42. Franco Varetto, 2014. "Debt capacity bancari e credit crunch: alcune osservazioni empiriche [Debt capacity from banks and credit crunch: some empirical observations]," CERIS Working Paper 201423, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
  43. Kiesel, Florian, 2016. "The effect of credit and rating events on credit default swap and equity markets," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 81265, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  44. Shoaib Ali & Attiya Yasmin Javid, 2015. "Relationship between Credit Rating, Capital Structure and Earning Management Behaviour: Evidence from Pakistani Listed Firms," PIDE-Working Papers 2015:121, Pakistan Institute of Development Economics.
  45. Goergen, Marc & Gounopoulos, Dimitrios & Koutroumpis, Panagiotis, 2021. "Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs," Journal of Corporate Finance, Elsevier, vol. 67(C).
  46. Ting-Kai Chou, 2013. "Information content of credit ratings in pricing of future earnings," Review of Quantitative Finance and Accounting, Springer, vol. 40(2), pages 217-250, February.
  47. Bereskin, Frederick L. & Kim, Bushik & Oh, Frederick Dongchuhl, 2015. "Do credit rating concerns lead to better corporate governance? Evidence from Korea," Pacific-Basin Finance Journal, Elsevier, vol. 35(PB), pages 592-608.
  48. Huang, Yu-Li & Shen, Chung-Hua, 2015. "Cross-country variations in capital structure adjustment—The role of credit ratings," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 277-294.
  49. Xia, Han, 2014. "Can investor-paid credit rating agencies improve the information quality of issuer-paid rating agencies?," Journal of Financial Economics, Elsevier, vol. 111(2), pages 450-468.
  50. Patrick Behr & Darren J. Kisgen & Jérôme P. Taillard, 2018. "Did Government Regulations Lead to Inflated Credit Ratings?," Management Science, INFORMS, vol. 64(3), pages 1034-1054, March.
  51. Dong Chen, 2014. "The Non-monotonic Effect of Board Independence on Credit Ratings," Journal of Financial Services Research, Springer;Western Finance Association, vol. 45(2), pages 145-171, April.
  52. Joe, Denis Yongmin & Oh, Frederick Dongchuhl, 2018. "Credit ratings and corporate cash holdings: Evidence from Korea’s corporate reform after the 1997 Asian financial crisis," Japan and the World Economy, Elsevier, vol. 45(C), pages 9-18.
  53. Huang, He & Svec, Jiri & Wu, Eliza, 2021. "The game changer: Regulatory reform and multiple credit ratings," Journal of Banking & Finance, Elsevier, vol. 133(C).
  54. Bradley, Daniel & Pantzalis, Christos & Yuan, Xiaojing, 2016. "Policy risk, corporate political strategies, and the cost of debt," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 254-275.
  55. Tao Wang, 2016. "Time-Varying Rating Standards and the Distorted Incentives of Credit Rating Agencies," Global Credit Review (GCR), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 21-39.
  56. Kauko, Karlo, 2010. "The feasibility of through-the-cycle ratings," Bank of Finland Research Discussion Papers 14/2010, Bank of Finland.
  57. Jory, Surendranath R. & Ngo, Thanh N. & Wang, Daphne, 2016. "Credit ratings and the premiums paid in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 39(PA), pages 93-104.
  58. Chen, Zhihua & Wang, Zhen, 2021. "Do firms obtain multiple ratings to hedge against downgrade risk?," Journal of Banking & Finance, Elsevier, vol. 123(C).
  59. A. Seetharaman & Vikas Kumar Sahu & A. S. Saravanan & John Rudolph Raj & Indu Niranjan, 2017. "The Impact of Risk Management in Credit Rating Agencies," Risks, MDPI, vol. 5(4), pages 1-16, September.
  60. ManYing Kang & Marcel Ausloos, 2017. "An Inverse Problem Study: Credit Risk Ratings as a Determinant of Corporate Governance and Capital Structure in Emerging Markets: Evidence from Chinese Listed Companies," Papers 1712.00602, arXiv.org.
  61. Kemper, Kristopher J., 2020. "Financial adjustments and credit rating changes," Finance Research Letters, Elsevier, vol. 33(C).
  62. Kauko, Karlo, 2010. "The feasibility of through-the-cycle ratings," Bank of Finland Research Discussion Papers 14/2010, Bank of Finland.
  63. Forte, Santiago & Lovreta, Lidija, 2023. "Credit default swaps, the leverage effect, and cross-sectional predictability of equity and firm asset volatility," Journal of Corporate Finance, Elsevier, vol. 79(C).
  64. Hasan, Iftekhar & Kim, Suk-Joong & Politsidis, Panagiotis & Wu, Eliza, 2020. "Syndicated bank lending and rating downgrades: Do sovereign ceiling policies really matter?," MPRA Paper 102941, University Library of Munich, Germany.
  65. Gredil, Oleg R. & Kapadia, Nishad & Lee, Jung Hoon, 2022. "On the information content of credit ratings and market-based measures of default risk," Journal of Financial Economics, Elsevier, vol. 146(1), pages 172-204.
  66. DeAngelo, Harry, 2021. "Corporate financial policy: What really matters?," Journal of Corporate Finance, Elsevier, vol. 68(C).
  67. Lotfaliei, Babak, 2018. "The variance risk premium and capital structure," ESRB Working Paper Series 70, European Systemic Risk Board.
  68. Robert Hull, 2020. "Pass-Through and C Corp Outputs under TCJA," IJFS, MDPI, vol. 8(3), pages 1-32, August.
  69. Alissa, Walid & Bonsall, Samuel B. & Koharki, Kevin & Penn, Michael W., 2013. "Firms' use of accounting discretion to influence their credit ratings," Journal of Accounting and Economics, Elsevier, vol. 55(2), pages 129-147.
  70. Kisgen, Darren J., 2019. "The impact of credit ratings on corporate behavior: Evidence from Moody's adjustments," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 567-582.
  71. Gustavo Manso, 2011. "Feedback Effects of Credit Ratings," 2011 Meeting Papers 1338, Society for Economic Dynamics.
  72. Hess, Dieter & Immenkötter, Philipp, 2014. "How much is too much? Debt capacity and financial flexibility," CFR Working Papers 14-03, University of Cologne, Centre for Financial Research (CFR).
  73. Ala’a Adden Abuhommous & Ahmad Salim Alsaraireh & Huthaifa Alqaralleh, 2022. "The impact of working capital management on credit rating," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-20, December.
  74. Chou, Ting-Kai & Cheng, Jia-Chi, 2012. "Credit ratings and excess value of diversification," Journal of Empirical Finance, Elsevier, vol. 19(2), pages 266-281.
  75. Chi-Hsiou D. Hung & Anurag Banerjee & Qingrui Meng, 2017. "Corporate financing and anticipated credit rating changes," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 893-915, May.
  76. Bali, Turan G. & Subrahmanyam, Avanidhar & Wen, Quan, 2021. "Long-term reversals in the corporate bond market," Journal of Financial Economics, Elsevier, vol. 139(2), pages 656-677.
  77. Anna Bayona & Oana Peia & Razvan Vlahu, 2023. "Credit Ratings and Investments," Working Papers 776, DNB.
  78. repec:zbw:bofrdp:2010_014 is not listed on IDEAS
  79. Dion Bongaerts & K. J. Martijn Cremers & William N. Goetzmann, 2012. "Tiebreaker: Certification and Multiple Credit Ratings," Journal of Finance, American Finance Association, vol. 67(1), pages 113-152, February.
  80. Agha, Mahmoud & Faff, Robert, 2014. "An investigation of the asymmetric link between credit re-ratings and corporate financial decisions: “Flicking the switch” with financial flexibility," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 37-57.
  81. Cornaggia, Jess & Cornaggia, Kimberly J. & Xia, Han, 2016. "Revolving doors on Wall Street," Journal of Financial Economics, Elsevier, vol. 120(2), pages 400-419.
  82. Drago, Danilo & Gallo, Raffaele, 2018. "Do multiple credit ratings affect syndicated loan spreads?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 56(C), pages 1-16.
  83. Kiesel, Florian & Kolaric, Sascha & Norden, Lars & Schiereck, Dirk, 2021. "To change or not to change? The CDS market response of firms on credit watch," Journal of Banking & Finance, Elsevier, vol. 125(C).
  84. Danish Ahmed & Yasir Shahab & Farid Ullah & Zhiwei Ye, 2020. "Investor sentiment and insurers’ financial stability: do sovereign ratings matter?," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(2), pages 281-312, April.
  85. Simo, Christelle & Tchakoute Tchuigoua, Hubert & Nzongang, Joseph, 2023. "Does corporate social responsibility pay? Evidence from social ratings in microfinance institutions," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
  86. Emmanuel Alanis & Janet Payne & Joerg Picard, 2020. "Managing For Ratings: Real Effects Of A Corporate Ratings Criteria Change," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(4), pages 821-845, December.
  87. Luca Benzoni & Lorenzo Garlappi & Robert Goldstein, 2023. "Incomplete Information, Debt Issuance, and the Term Structure of Credit Spreads," Management Science, INFORMS, vol. 69(7), pages 4331-4352, July.
  88. Tahera Ebrahimi & Jairaj Gupta & Aydin Ozkan, 2020. "Supply‐side factors, CEO overconfidence, and zero‐leverage policy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 25(4), pages 547-564, October.
  89. Apergis, Nicholas & Payne, James E. & Tsoumas, Chris, 2011. "Credit rating changes’ impact on banks: evidence from the US banking industry," MPRA Paper 35647, University Library of Munich, Germany.
  90. Mascia Bedendo & Linus Siming, 2016. "Debt Structure and Credit Ratings," BAFFI CAREFIN Working Papers 1622, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  91. Judge, Amrit & Korzhenitskaya, Anna, 2012. "Credit market conditions and the impact of access to the public debt market on corporate leverage," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 28-63.
  92. Joo, M. Hashemi & Parhizgari, A.M., 2021. "A behavioral explanation of credit ratings and leverage adjustments," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
  93. David R Gallagher & Peter A Gardner & Camille H Schmidt, 2015. "Style factor timing: An application to the portfolio holdings of US fund managers," Australian Journal of Management, Australian School of Business, vol. 40(2), pages 318-350, May.
  94. Florian Kiesel & Sascha Kolaric, 2018. "Measuring the effect of watch-preceded and direct rating changes: a note on credit markets," Review of Quantitative Finance and Accounting, Springer, vol. 50(2), pages 653-672, February.
  95. Kim, Seonhyeon & Thompson, Ephraim Kwashie & Kim, Changki, 2023. "Credit rating and managerial behavior in investment decision making: Evidence from the Korean market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
  96. Agoraki, Maria-Eleni & Gounopoulos, Dimitrios & Kouretas, Georgios P., 2021. "Market expectations and the impact of credit rating on the IPOs of U.S. banks," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 587-610.
  97. Sudheer Chava & Rohan Ganduri & Chayawat Ornthanalai, 2019. "Do Credit Default Swaps Mitigate the Impact of Credit Rating Downgrades?," Review of Finance, European Finance Association, vol. 23(3), pages 471-511.
  98. Arena, Matteo P., 2018. "Corporate litigation and debt," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 202-215.
  99. Larkin, Yelena, 2013. "Brand perception, cash flow stability, and financial policy," Journal of Financial Economics, Elsevier, vol. 110(1), pages 232-253.
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