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Essays On Capital Structure And Public Debt Markets, Viktoriya Staneva
Essays On Capital Structure And Public Debt Markets, Viktoriya Staneva
Dissertations, Theses, and Capstone Projects
This dissertation consists of three chapters that examine capital structure determinants as well as the evolution of credit rating standards in the market for public debt.
Chapter 1 This chapter shows that firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their CEO for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time-series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing …