讲座题目：The Impact of Credit Rating on Corporate Debt Ownership Structure
Abstract：This paper examines the relationship between credit rating and debt ownership structure. Using a sample of non-financial, non-utility constituents of the FTSE All Share Index that were rated by at least one of the “Big-Three” rating agencies over the period of 2000-2009, we found a monotonically decreasing relationship between firms’ credit ratings and their use of bank loans and non-bank private debt. Firms with higher (lower) credit ratings are less (more) reliant on borrowings from private sources. The results are consistent with the predictions from several theoretical models depicting private lenders as more efficient liquidators, more flexible loan re-negotiators and more effective loan monitors than bondholders. They also support the notion that the internal ratings used by some banks to measure their exposure to credit risk are mapped to the credit ratings assigned by the “Big-Three” rating agencies.