مقاله انگلیسی تغییرات رتبه اعتباری و ساختار بدهی

این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۲ دارای ۱۸ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.

کد محصول: H784

سال نشر: ۲۰۲۲

نام ناشر (پایگاه داده): الزویر

نام مجله:   North American Journal of Economics and Finance

نوع مقاله: علمی پژوهشی (Research articles)

تعداد صفحه انگلیسی: ۱۸ صفحه PDF

عنوان کامل فارسی:

مقاله انگلیسی ۲۰۲۲ :  تغییرات رتبه اعتباری و ساختار بدهی

عنوان کامل انگلیسی:

 Credit rating changes and debt structure

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Abstract

Through examination of the relationship between rating levels and subsequent annual net debt changes, Kisgen (2006) provides support for the Credit Rationing – Capital Structure (CR-CS) hypothesis which maintains that “+” or “- ” notch firms are more likely than non-notch firms to reduce net debt levels to increase the likelihood of a beneficial rating change. We add to the credit rating literature by focusing on quarterly net debt changes over the two years before and after rating changes to provide evidence that notch firms are generally not associated with lower net debt levels, greater net debt reductions, or higher probability of upgrades than non-notch firms before rating changes. Instead, notch firms with CW announcements are associated with relatively greater net debt level increases beginning three quarters before rating changes and these increases continue for firms both without and with CW announcements after the rating change. Further, in analysis of the strength of upgrades (UP) relative to downgrades (DOWN) at the time of rating change, we show that the UP/DOWN ratio is more a function of the presence of prior CreditWatch (CR) announcements than notch status. Firms without and with CW announcements exhibit UP/ DOWN ratios of 0.8455 and 0.3628, respectively, with no significant differences in these ratios between notch and non-notch firms.

Keywords: Credit watch, Credit ratings, Capital structure

۱.Introduction

 Finance literature has traditionally offered two primary models of static trade-off and pecking order as explanations for debt-equity financing decisions. However, these models are viewed by Kisgen (2006) as inadequate because they do not account for how management views capital structure changes as a tool to obtain favorable rating changes that lower the overall cost of financing. Using annual measures of capital structure adjustments following identification of corporate credit ratings, Kisgen shows empirically that firms near broad rating changes are associated with greater net debt declines than firms not near broad rating changes. He concludes from this that it is the intense focus by management on exploiting beneficial moves in discrete costs associated with changes in ratings levels that strongly motivate capital structure decisions…

۶.Conclusion

 Our study adds to the Capital Rationing – Capital Structure (CR-CS) hypothesis originally developed by Kisgen (2006) that notch firms relative to non-notch firms reduce relative net debt levels to more successfully achieve beneficial rating changes. Instead of analyzing how initial year rating levels are related to subsequent net debt adjustments using annual data as Kisgen does, we use quarterly data to analyze how these adjustments are related to subsequent rating changes. Initially we do not focus on net debt structure adjustments and show that firms without and with CreditWatch (CW) announcements both experience overall upgrade-todowngrade (UP/DOWN) ratios less than one and that notch firms do not exhibit significantly higher UP/DOWN ratios than non-notch rated firms across all rating categories. That is, firms without CW announcements are associated with an overall UP/DOWN ratio of 0.8455 with UP exceeding DOWN in rating categories of BBB, BBB-, BB+, BB, and BB-. On the other hand, firms with CW announcements are associated with an overall UP/DOWN ratio of 0.3628 with UP exceeding DOWN in none of the rating categories. We conclude that the strength of UP/DOWN is more a function of the presence or absence of CW announcements than notch status..

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