Finance

Discuss the debate about the feedback effects of credit ratings, i.e. the possibility that rating agencies might affect the probability of survival of borrowers. You may rely upon the following references, as well as some of the articles cited therein:

Kisgen, Darren (2007). “The Influence of Credit Ratings on Cor- porate Capital Structure Decisions.” Journal of Applied Corporate Finance 19, 56-64.

Kisgen, Darren and Philip E. Strahan (2010). “Do Regulations Based on Credit Ratings Affect a Firm’s Cost of Capital?” Review of Financial Studies 23, 4324-4347.

Manso, Gustavo (2012). “Feedback Effects of Credit Ratings.” Working Paper, MIT Sloan School of Management.

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