Do Firms Target Credit Ratings or Leverage Levels

By Darren J. Kisgen. 2009

339 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c8192afb760899f67b7e0e2ab3da940825550939

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Citations in the corpus

The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration (2017, background): “…matter to issuing firms including access to capital, cost of capital, capital structure, and investment decisions (Faulkender and Petersen (2006), Kisgen (2006, 2009), Sufi (2009), Tang (2009), Kisgen and Strahan (2010), Chernenko and Sunderam (2012), Almeida, Cunha, Ferreira, and Restrepo…”
Feedback effects of credit ratings (2013, background): “Kisgen (2006, 2009) finds that credit ratings directly affect firms’ capital structure decisions.”
Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables (2015, positive): “We expect adjustment speeds to vary between rated and unrated firms and between different rating categories (Kisgen (2006), (2009)).”
Firms' Use of Accounting Discretion to Influence Their Credit Ratings (2013, background): “Kisgen (2009) finds additional evidence suggesting that firms are more likely to change their capital structure to reverse recent negative changes in their credit ratings.”
Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital? (2010, background): “Kisgen (2009) finds that after a firm is downgraded, a firm is more likely to reduce leverage, presumably to regain a previous rating target.”
The Real Effects of Credit Ratings: The Sovereign Ceiling Channel (2017, background): “Because of these effects, firms appear to react to rating downgrades by reducing debt issuance and leverage (Kisgen (2009)).”