本系邀請洪啟修教授至本所進行演講，相關訊息如下：

 <<Seminar>>

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

Abstract

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.